The Securities and Exchange Commission has ordered Cho Thavee Public Company Limited, or CHO, to clarify information and review the reasonableness of a 1.4 billion baht software purchase by 27 August 2026, and to disclose the information through the SETLink system. CHO plans to seek shareholder approval for a private placement of 190.47 million shares at 7.35 baht per share to pay for the software. An independent financial adviser has assessed the fair value of the software at only 131.11 million to 146.46 million baht, roughly 9 to 10 times lower than the purchase price. The SEC also noted that the software was completed in 2024 but there is no evidence it has generated commercial revenue, and questioned the reasonableness of valuation assumptions from a foreign appraiser.
SEC orders clarification and questions valuation of software purchase, indicating regulatory scrutiny and potential overpayment.
