Cho Thavee Software Deal Scrutinized by SEC

MGR Online•Economy•19h ago

Reader Briefing

The Securities and Exchange Commission (SEC) has ordered Cho Thavee Public Company Limited to clarify a 1,400 million baht software acquisition deal involving a significant valuation discrepancy.

•Cho Thavee plans to acquire software from Advance Capital Partners Pte. Ltd. (ACP) using 190.47 million private placement shares instead of cash.
•The SEC noted the purchase price of 1,400 million baht is 9.6 to 10.7 times higher than the independent financial advisor's valuation of 131.11 to 146.46 million baht.
•Cho Thavee is currently facing financial instability with negative shareholders' equity of approximately 1,142 million baht as of the 2025 fiscal year.
•Advance Capital Partners Pte. Ltd. is a Singapore-based company 100% owned and directed by Tan Choon Wee.

Overview

•The Securities and Exchange Commission ordered Cho Thavee Public Company Limited to disclose information regarding the software deal by August 27, 2026.
•Cho Thavee proposed a purchase price of 1,400 million baht for software, while the Independent Financial Advisor valued it at 131.11 to 146.46 million baht.
•Analysts suggest Cho Thavee is attempting to escape a business rehabilitation plan and resolve negative shareholders' equity of approximately 1,142 million baht.
•Cho Thavee shares are currently under NC and SP marks and are suspended from trading, with a final closing price of 0.02 baht.
•The Securities and Exchange Commission questioned why the software, completed in 2024, has no clear evidence of commercial revenue or a defined usage plan.
•Advance Capital Partners Pte. Ltd. is a Singaporean company with a registered paid-up capital of 100 Singapore dollars.
•Cho Thavee had a previous legal dispute with the Bangkok Mass Transit Authority (BMTA) regarding the cancellation of an E-Ticket project in 2019.
•If Cho Thavee cannot justify the purchase price, the deal may be postponed, modified, or cancelled, and the meeting scheduled for August 28 may be delayed.

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Key Entities

Organization

Securities and Exchange Commission(สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์)ℹ️

The regulatory body that ordered Cho Thavee to clarify the software acquisition deal.

Cho Thavee Public Company Limited(บริษัท ช ทวี จำกัด (มหาชน))

A manufacturer of commercial vehicles and specialized vehicles currently facing financial distress and SEC scrutiny.

Advance Capital Partners Pte. Ltd.

A Singapore-based business management and IT consultant company that sells software to Cho Thavee.

Bangkok Mass Transit Authority(ขสมก.)ℹ️

A state enterprise that had a legal dispute with Cho Thavee over an E-Ticket project.

Royal Thai Navy(กองทัพเรือ)ℹ️

A government entity for which Cho Thavee provided patrol boats.

Stock Exchange of Thailand(ตลาดหลักทรัพย์ฯ)ℹ️

The exchange where Cho Thavee is listed and which monitors the company's compliance status.

Central Administrative Court(ศาลปกครองกลาง)

The court where Cho Thavee filed a lawsuit against the Bangkok Mass Transit Authority.

Person

Tan Choon Wee

The sole director and 100% shareholder of Advance Capital Partners Pte. Ltd.

Place

Singapore(สิงคโปร์)ℹ️

The country where Advance Capital Partners Pte. Ltd. is registered.