Bangkok: The Securities and Exchange Commission (SEC) has ordered a suspension of Advance Connection Corporation Public Company Limited's (ACC) new share offering, citing incomplete information and non-compliance with regulations. This decision affects the company's private placement capital increase.

According to Thai News Agency, the SEC found deficiencies in the shareholder meeting notice related to the proposed new share offering. The notice failed to meet disclosure requirements specified under the Capital Market Supervisory Board Announcement No. Tor.Jor. 73/2015. The SEC identified missing crucial information and non-compliance with clauses 5(2)(b), 5(4), and 7(2) of the announcement, which governs the issuance and offering of securities by listed companies.

The SEC exercised its authority under Section 58(1) of the Securities and Exchange Act B.E. 2535, leading to the suspension of ACC's private placement of newly issued shares. The commission had earlier requested ACC to clarify the allocation of additional shares and disclose this information publicly through the Stock Exchange of Thailand's dissemination system. Despite these disclosures, the SEC determined that ACC's information did not comply with the criteria required for such offerings, as outlined in the Capital Market Supervisory Board Announcement No. Tor.Jor. 28/2022.

As a result, the SEC has ordered the halt of ACC's offering of newly issued shares to a limited group of persons, citing the lack of compliance with the established criteria and guidelines.