Top three shareholders of Acap Advisory (ACAP), a listed financial advisory and loan management firm in Thailand, have disposed off 25 per cent of total shares to different investors for 406 million baht ($11.4 million) on Tuesday.
However, it could not be ascertained if the change of major shareholders would impact affect the business or not.
According to the information from the Office of Securities and Exchange Commission, the largest shareholder Kenuo Lin sold 14 million shares, out of his holding of 19 million shares while Wiwat Witoontian sold 10 million shares from 10.54 million shares, and the third shareholder Saringkarn Sutaschuto offloaded his entire stake of 7.98 million shares.
Saringkarn, former major shareholder and executive of ACAP, said that he disposed all his shares because he had already resigned from ACAP’s executive.
“I sold my shares, which is equivalent to only 6 per cent of total, through the broker to unspecific buyers, so I do not think that it will have any effect on the company’s management,” he told DEALSTREETASIA.
He refused to comment why the three largest shareholders in ACAP sold their shares at the same time.
“For the other two [shareholders], I don’t really know the reason why they sold. I have not talked to Kenuo at all, so I do not know if there will be a significant change in the shareholding structure. But Wiwat and I used the same broker so we had some discussion and had the same interest to sell the shares. That’s what I can say,” he added.
Wiwat used to be the largest shareholder of ACAP with a 49.19 per cent in 2014. Then, he kept selling his stakes continuously until his share touched 8.87 per cent on April 7, 2015. With this latest divestment, his holding has reduced to 0.44 per cent.
ACAP’s price over the last two months has increased from 10 baht per share and reached the peak at 16.50 baht. At noon today the share was down to 15.80 baht.