Thai-listed Acap Advisory’s top three shareholders offload big chunk of shares for $11.4m

Visual from ACAP's website

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.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.