Intouch Holdings Public Company Limited (INTUCH) stated that any material transaction required approval from the shareholders, following the report of the Thai cabinet resolving the company to increase shareholding in Thaicom Public Company Limited (THCOM) to 51%.
In the announcement to the Stock Exchange of Thailand (SET) INTUCH stated that as the company has received many correspondences and questions from the shareholders in respect of the news released on 7 September 2021 reporting that the cabinet had a resolution regarding the guidelines on proceedings to comply with the concession agreement (satellite concession) in relation to the approval of the fifth amendment of the concession agreement (the fifth amendment) that INTUCH shall hold no less than 51% of the total registered shares in THCOM.
INTUCH added that the company and THCOM are listed companies, therefore, any material transaction of the companies would need to be approved in advance by the Board of Directors meeting and/or the shareholders meeting of each company in order to be in compliance with the relevant rules and regulations.
Since the term of the concession agreement would expire on 10 September 2021, the company has to consider and take into account such conditions and the time constraint for the proceeding of such a transaction.
However, the company has not yet received any notification or any document related to the above-mentioned issues from the Ministry of Digital Economy and Society. Once the company has any explicit information or more details regarding the mentioned cabinet resolution, the company will further inform the shareholders accordingly.