According to the earlier disclosure made by CPAXT, the company will invest in The Happitat Project through a joint investment in AGP by holding 95 percent of the total issued shares with the total value of 7,970 million baht. Under this joint investment, AGP will hold shares in Happitat at the Forestias Co., Ltd. (HATF), which develops a mixed-use real estate project under the name “The Happitat.”  

However, the information disclosed by CPAXT may be incomplete or unclear regarding the joint investment in the said project. This could potentially impact the rights and benefits of the shareholders, influence investment decisions of investors, or affect changes in the price of securities.       

Therefore, by virtue of Section 58(1) of the Securities and Exchange Act B.E. 2535 (1992), the SEC has ordered CPAXT to further clarify related matters, for example, the Board of Directors’ opinions, the Audit Committee’s consideration for approval of the joint investment in The Happitat Project, the fair value of assets, the progress of project development, the expected timeline for generating revenue from the project, the total investment anticipated for the project, and whether or not such transactions constitute assistance to companies in the CPAXT group and if so, how, etc. CPAXT must disclose such clarifications through the Electronic Listed Company Information Transmission System (SETLink) by 25 December 2024.   

Mr. Anek Yooyuen, SEC Deputy Secretary-General and Spokesperson, said: “The SEC underscores the importance of information disclosure by listed companies to ensure that investors have sufficient information to make informed investment decisions. We also emphasize the responsibilities of boards of directors and executives, who must perform their duties with integrity, due care and adherence to good corporate governance, while prioritizing the best interests of shareholders.”