Thailand Legislation Update: Amendment to the Public Limited Companies Act

On 23 May 2022, the latest amendment to the Public Limited Companies Act (No. 4), B.E. 2565 (2022) (the “PLC Amendment”) was published in the Government Gazette and it became effective on May 24, 2022. The PLC Amendment aims to facilitate public limited companies by allowing greater use of electronic communications in their business operations. The latest amendment is a follow-up to the proposed amendments of the same, which we covered last year in our article Technological Advancements Enable Amendments to the Public Limited Companies Act.

Details of the PLC Amendment

The significant developments can be summarized as follows:

Description Before PLC Amendment After PLC Amendment
Publications Any notice or statement made under the PLCA shall be published in a Thai-language daily newspaper distributed in the area where the headquarters of the company is located. Additional option inserted that;

Replaced with the following provision;

Meetings of the board of directors shall be summoned by the chairperson of the board of directors. If it is reasonable or for the protection of the company’s benefit, at least two directors may jointly request that the chairperson summons a board of directors’ meeting and they shall also propose the meeting agenda to the chairperson. In this case, the chairperson shall summon and fix the date of the board of directors’ meeting within 14 days from the date of the request.

of a Board of

Directors’

For more information, please get in touch with our Capital Markets Team, or alternatively, please contact the authors.

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Thitawan Thanasombatpaisarn

Supatra Kerinsaguna

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Capital Markets Practice Group

Praised by our clients for providing cutting-edge advice on complex securities and regulatory matters, our capital markets practice continues to represent many companies in their IPO transaction covering various sectors. We advise our clients on pre-and post-issue matters such as corporate restructurings, debt refinancing and liability management including a complete solution for evaluating capital market issues ensuring the correct set up for tax optimization through pre-IPO strategies.

We successfully represented Prosper Engineering Public Company Limited (mai: PROS) on its domestic initial public offering on the Market for Alternative Investment (mai) with an approximate total paid up capital of THB 270 Million, the first time in history that the IPO ceremony is held exclusively online and has offered a 100% return to investors from the IPO price, which won “Deal of the year” award by In-House Community 2021.

June 2022

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