Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Golden Land: Tender Offer Into The Home Straight

Quiddity Advisors

Thematic (Sector/Industry)

<p><em>This is part of a series of M&amp;A guides that our Quiddity* team (see our profiles or the footnote below) are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct mergers and acquisitions. These insights are designed to be used as a reference.</em></p>
<hr>
<h2>Governing Laws</h2>
<p style="text-align: start;">Mergers and acquisitions of public companies in Thailand are mainly regulated by the following legislation:</p>
<ul class="m_-3498693401431593184gmail-kh_list m_-3498693401431593184gmail-co_listBullet">
<li>Public Limited Company Act B.E. 2535 (<a href="https://www.dbd.go.th/dbdweb_en/ewt_news.php?nid=3932" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.dbd.go.th/dbdweb_en/ewt_news.php?nid%3D3932&amp;source=gmail&amp;ust=1556950759945000&amp;usg=AFQjCNFrn7pCtgah6gT5Thvfejyxl5YKUw">PLC Act</a>).</li>
<li>
<div>Securities and Exchange Act 1992 (B.E. 2535) (<a href="http://web.krisdika.go.th/data/outsitedata/outsite21/file/SECURITIES_AND_EXCHANGE_ACT,B.E._2535.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://www.krisdika.go.th/wps/wcm/connect/46b0370043c86dffbddffd25b7244636/SECURITIES%2BAND%2BEXCHANGE%2BACT%252C%2BB.E.%2B2535%2B%25281992%2529.pdf?MOD%3DAJPERES%26CACHEID%3D46b0370043c86dffbddffd25b7244636&amp;source=gmail&amp;ust=1556950759945000&amp;usg=AFQjCNGaWUFxfoUR-DXtmuakz8mShXDw-w">SEC Act</a>).</div>
</li>
<li><a href="http://capital.sec.or.th/webapp/nrs/data/5710se.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://capital.sec.or.th/webapp/nrs/data/5710se.pdf&amp;source=gmail&amp;ust=1556950759945000&amp;usg=AFQjCNH5K-b96m2glq-EekjMMLnGGJBoXA">Notification of the Capital Markets Supervisory Board (No. TorJor. 12/2554 on Rules, Conditions, and Procedures for the Acquisition of Securities for Business Takeovers.)</a></li>
<li>
<a href="https://www.set.or.th/en/regulations/rules/disclosure_files/BorJorPor2101_1_EN.pdf" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.set.or.th/en/regulations/rules/disclosure_files/BorJorPor2101_1_EN.pdf&amp;source=gmail&amp;ust=1556950759945000&amp;usg=AFQjCNHfDe7O80GZGa5zhdddcE2HcohYLQ">Notification of the Board of Governors of the Stock Exchange of Thailand on Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets 2017 (B.E. 2560)</a>.</li>
</ul>
<p style="text-align: start;">In addition, foreign investments are regulated by the <a href="http://thailawforum.com/database1/foreign.html" target="_blank" data-saferedirecturl="https://www.google.com/url?q=http://thailawforum.com/database1/foreign.html&amp;source=gmail&amp;ust=1556950759945000&amp;usg=AFQjCNEu6nf1czVWE899QIz1UhWD_EYsSQ">Foreign Business Act</a> (FBA) as implemented by the Ministry of Commerce, and the Land Code which prohibits land ownership without an Investment Promotion Certificate issued by the Board of Investment, international treaties, and privileges granted by the <a href="https://www.boi.go.th/index.php?page=index" target="_blank">Board of Investment</a>. Also, companies in specific sectors are regulated by industry-specific regulators.</p>
<ul>
<li>Insurance is regulated by the Office of the Insurance Commission</li>
<li>Banking and Finance is regulated by the Bank of Thailand</li>
<li>Electric power is regulated by the Energy Regulatory Commission (ERC)</li>
<li>Telecom is regulated by the National Telecommunications Commission (NTC)</li>
</ul>
<h2>M&amp;A Transactions in Thailand</h2>
<p>Yearly M&amp;A transactions have been irregular although the overall trend has seen a growth in size. </p>
<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/087/303/original/thai%20tran.PNG?1557367249" class="editor-image img-responsive" data-smartkarma-image-id="87303"></figure>
<p style="text-align: left;">Source: IMAA</p>
</div>

This is part of a series of M&amp;A guides that our Quiddity* team (see our profiles or the footnote below) are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct mergers and acquisitions. These insights are designed to be used as a reference.

Governing Laws
Mergers and acquisitions of public companies in Thailand are mainly regulated by the following legislation:

Public Limited Company Act B.E. 2535 (PLC Act).

Securities and Exchange Act 1992 (B.E. 2535) (SEC Act).

Notification of the Capital Markets Supervisory Board (No. TorJor. 12/2554 on Rules, Conditions, and Procedures for the Acquisition of Securities for Business Takeovers.)

Notification of the Board of Governors of the Stock Exchange of Thailand on Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets 2017 (B.E. 2560).

In addition, foreign investments are regulated by the Foreign Business Act (FBA) as implemented by the Ministry of Commerce, and the Land Code which prohibits land ownership without an Investment Promotion Certificate issued by the Board of Investment, international treaties, and privileges granted by the Board of Investment. Also, companies in specific sectors are regulated by industry-specific regulators.

Insurance is regulated by the Office of the Insurance Commission
Banking and Finance is regulated by the Bank of Thailand
Electric power is regulated by the Energy Regulatory Commission (ERC)
Telecom is regulated by the National Telecommunications Commission (NTC)

M&amp;A Transactions in Thailand
Yearly M&amp;A transactions have been irregular although the overall trend has seen a growth in size. 


Source: IMAA


Quiddity Thailand M&A Guide 2019