BYD.BK▲
Supreme Administrative Court Upholds Ruling Revoking SEC Penalty Against Chayanee Pokhanngern
The Supreme Administrative Court has upheld the lower court's ruling to revoke the order by the Securities and Exchange Commission, or SEC, that suspended Ms. Chayanee Pokhanngern, an executive of Kingsford Securities, now renamed Beyond Securities, from serving as a capital market professional. The court ruled that the order was unlawful. The verdict, delivered on September 15 at 2:00 p.m., ends the legal battle in case number 643/2563, which has dragged on for 10 years, marking the first case in which a private party sued the SEC and won a final and conclusive judgment. Earlier, the Central Administrative Court had ruled to revoke the penalty order back in 2563, but the SEC appealed to the Supreme Administrative Court, arguing that its order was lawful. The case stemmed from the SEC's penalty suspending Ms. Chayanee from duty for one year over statements she made regarding the purchase of BFIT Securities, or BSEC, which was later acquired by Malaysia's OSK in 2554. Ms. Chayanee said this case would serve as an important lesson for the SEC to review its internal processes to ensure transparency, fairness, and accountability, and that to date she has never received any apology from the SEC even though the case has reached its final conclusion.
Energy Transition & Power Demand
IFA says STPI's 1.25-billion-baht capital increase at 5.55 baht per share is fair, as it pushes into data centers and clean energy
Beyond Securities, acting as the independent financial advisor to STP & I, or STPI, sees the plan to raise funds by allocating newly issued ordinary shares to specific persons, a private placement, as a connected transaction that is reasonable and benefits the company and shareholders as a whole, and believes shareholders should approve the transaction. STPI plans to issue and offer up to 225,897,120 new shares in total, split between a rights offering to existing shareholders of no more than 164,752,035 shares at a ratio of 11 existing shares to 1 new share at an offering price of 5.55 baht per share, worth about 914.37 million baht, and a private placement of no more than 61,145,085 new shares at the same price, worth about 339.36 million baht, for total fundraising of up to about 1,253.73 million baht. The private placement shares will be offered to Masthawin Charnvirakul, a director and managing director of STPI, who is a connected person. If existing shareholders exercise their rights offering in full, after the private placement allocation Masthawin will hold 61,145,085 STPI shares, or about 3% of all shares issued and outstanding after the capital increase. On the use of proceeds, the company plans to use about 900 million baht as part of its investment in a data center project and about 353 million baht to invest in and develop renewable energy projects, including a solar power plant project, with spending scheduled for 2026 to 2028. The 900-million-baht data center project is only part of the equity investment, with the STPI group expected to be responsible for its 26% proportionate share, totaling about 2,135.18 million baht, while the remaining roughly 1,235.18 million baht is expected to be raised from other funding sources under the project's investment plan. Of the roughly 353 million baht earmarked for renewable energy, the company expects to use about 256.94 million baht for the solar power plant project through Daisy Drive, comprising about 1.50 million baht for share purchases and about 255.44 million baht in investment for its 60% proportionate stake, while the remaining roughly 96.06 million baht will support other renewable energy projects in the future. On price fairness, the independent financial advisor assessed STPI's fair value at 4.63 to 6.50 baht per share using three appropriate valuation methods, while the capital increase offering price of 5.55 baht per share falls within that fair value range, and therefore views the offering price as fair. The 5.55-baht price is also about 9.35% below the reference market price of 6.12 baht per share. STPI plans to submit the agenda item to an extraordinary general meeting of shareholders, the first of 2026, on October 1, 2026. If approved, the private placement transaction must be completed within no more than three months from the date of the shareholders' resolution, or by December 31, 2026.
Beyond Securities rebrands as BYDH, merges with Kingford, targets Top 3 by 2027
Beyond Securities Public Company Limited, or BYD, has changed its name to BYDH Public Company Limited, or BYDH, effective from 16 September 2026. After that, Kingford Public Company Limited will change its name to Beyond Public Company Limited, or Beyond. BYDH will send consent request letters to customers to transfer their accounts and investment portfolios to the new Beyond Securities. On 26 October, employees along with all customer portfolios and accounts will be transferred to the new Beyond. This merger will lift its SET market share into the Top 5 and is expected to reach the Top 3 by 2027. Meanwhile, Kingford's existing customer base of approximately 50,000 accounts will help push assets under management and under advice at Beyond Securities to 100 billion baht by 2027.
BYD.BK▲
FTSE Rebalance Takes Effect September 18, Stocks In and Out, Plus Broker Merger as BYD Targets Top 3 by 2027
The FTSE rebalance will take effect using closing prices on September 18. In the FTSE All World index, the Large and Mid cap group has no additions and four deletions: BTS, LH, SCCC and TU. The FTSE Small Cap index has six additions: BTS, FTREIT, LH, SCCC, THAI and TU, and three deletions: BLAND, SPCG and TPIPP. The Micro Cap index has ten additions: BLAND, EASTW, INSET, KLINIQ, SUC, SPCG, SRICHA, SCAP, SMT and TPIPP, and eighteen deletions: BYD, HENG, ILM, ILINK, MONO, NCAP, NOBLE, PCE, RPH, SMPC, SAV, VIH, SFLEX, SYNTEC, TEAMG, TIPCO, III and VIBHA. On the securities business merger, Beyond Securities Public Company Limited, or BYD, will be renamed BYDH Securities Public Company Limited. Kingsford Securities will then be renamed Beyond Securities Public Company Limited, or Beyond. BYDH Securities will send letters to customers seeking consent to transfer their accounts and investment portfolios to the new Beyond Securities. On October 26, employees of BYDH, formerly BYD, along with the investment portfolios and all customer accounts, will be transferred to the new Beyond Securities. This merger will lift the company's SET market share into the Top 5, and it is expected to reach the Top 3 by 2027. With the potential of roughly 50,000 former Kingsfords customer accounts, this will help drive assets under management and under advice at Beyond Securities to 100 billion baht by 2027.
BYD.BK
SEC orders Beyond Securities to explain pros and cons before TPOLY bondholders meeting
The Securities and Exchange Commission (SEC) has required Beyond Securities, as the bondholders' representative for Thai Polycons Public Company Limited (TPOLY), to convene a meeting of TPOLY26NA bondholders, the first meeting of the fiscal year 2026, on September 11, 2026, at 2:00 p.m., at the Beyond The River meeting room, 57th floor, One City Centre building, Ploenchit Road. The key agenda is to select an option for enforcing collateral in the form of common shares, and to approve the bondholders' representative to take legal action on behalf of bondholders. The SEC has also ordered the bondholders' representative to analyze the pros, cons, benefits, and impacts of approving or not approving each option, along with reasons and opinions, so that bondholders have complete information before casting their votes.
BYD.BK▲
Beyond Aims for Top 3 Broker After Kingford Merger
Beyond, or BYD, announced its strategic plan following the merger with Kingford Securities, aiming to boost its market share to the top 3 in the industry and return to profitability next year. After the merger is completed on October 26, the combined market share will be 5.38%, ranking 5th in the industry, up from Beyond's previous 1.03% share (25th) and Kingford's 4.17% (7th). In the first half of the year, total revenue was 667 million baht, with operating profit before provisions in Q2/69 at 126 million baht, up 51%, but provisions of nearly 400 million baht were required for the investment in Thai Smile Bus, resulting in a net loss of 273 million baht. Mr. Jakkrit Charoenmethachai, Chief Executive Officer of Investment Consulting and Wealth Management, stated that all 37 Thai brokerages are facing declining commissions and a slowdown in retail trading, which now accounts for only 30% of market volume. The way out is through mergers and the adoption of AI to reduce costs, while shifting towards premium services.
BYD changes name to BYDH, prepares to spin off FA business before merging with Kingsford
Beyond Securities Public Company Limited, or BYD, has resolved to change its name to BYDH Securities Public Company Limited, or BYDH, and to spin off its financial advisory business into a newly established subsidiary. This move supports the planned merger with Kingsford Securities Public Company Limited and the transformation into a holding company. The board of directors meeting on 5 August 2026 approved the proposal to be presented to an extraordinary general meeting of shareholders for consideration of the name change and amendment of the memorandum of association, as well as the establishment of a subsidiary with paid-up registered capital of no less than 10 million baht to operate the investment banking business separately. This requires approval from the Securities and Exchange Commission and membership in the Investment Banking Club. The second extraordinary general meeting of shareholders for 2026 is scheduled for 15 September 2026, with the list of shareholders entitled to attend the meeting as of 20 August 2026.
Beyond Securities closes deal to acquire 90% of Kingsford Securities, targets New Beyond in Top 3 by 2027
Beyond Securities, or BYD, has completed the acquisition of existing ordinary shares of Kingsford Securities, or KFS, on 24 July 2026. It purchased 850.50 million shares, representing 90% of the total issued and paid-up shares of KFS, at a price of 0.04404 baht per share, totaling 37.46 million baht, from Kingsford Holdings, or KFH. As a result, KFS became a subsidiary of BYD from that date. BYD will proceed with the remaining steps, including the acquisition of newly issued ordinary shares of KFS and the transfer of assets related to the company's securities business unit to KFS in the form of a partial business transfer. A source from BYD stated that after the investment, the company plans to merge the securities business, along with transferring personnel, clients, and assets into a new company under the name New Beyond within this October. It is expected that after the merger, the new company's market share will rank among the top 5 on the Stock Exchange of Thailand, with a target of reaching the top 3 by 2027.
BYD.BK▲
NTF to issue two high-yield bond tranches with coupons of 6.60–6.95%, subscription opens 18–20 August
NTF Inter Group Thailand, or NTF, has filed a registration statement with the SEC to issue two tranches of high-yield bonds, offered to institutional and high-net-worth investors. The first tranche has a one-year tenor, maturing in 2027, with a coupon of 6.60–6.80% per annum. The second tranche has a one-year-and-six-month tenor, maturing in 2028, with a coupon of 6.75–6.95% per annum. Interest is paid quarterly. Subscription opens from 18 to 20 August 2026 through the lead arrangers: Beyond Securities, Dao Securities Thailand, KGI Securities Thailand, and Asia Plus Securities, with Beyond Securities acting as bondholder representative. Proceeds will be used for asset purchases, investments, or expenses related to the current business.
Thailand