SEC urges close scrutiny of transaction

SEC urges close scrutiny of transaction

The Securities and Exchange Commission (SEC) is urging shareholders of Golden Land Property Development and Univentures Plc to scrutinise information on the valuation of Golden Land’s assets in a proposed related party transaction at the shareholders' meeting today.

Referring to a proposal to sell 35 parcels of land with 11 buildings of Golden Land Property Development, a subsidiary of SET-listed Univentures Plc (UV), to Sirisap Pattana Co at 980 million baht, boards of directors, audit committees and financial advisers said that the selling price was appropriate and the transaction will be beneficial to Golden Land.

The SEC, however, has questioned the appropriateness of the asset valuation, the weighted quality score method adopted and the selection of comparable assets as well as the analysis of the current condition of assets.

Accordingly, the SEC requires Golden Land and UV to clarify the reasonableness of the assets valuation report used in making the decision to propose the asset disposition and disclose the clarification via the Stock Exchange of Thailand.

Owing to the fact that the proposed transaction requires at least three quarters of total voting rights less interested shareholders, the SEC suggested shareholders carefully study the relevant information, raise queries at the shareholders’ meeting and exercise their rights to protect their interests.

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