Bangkok--29 Apr--124 Communications
SBK Beverage Limited (the “Company”), having legitimately bought 24,269,700 shares of Serm Suk Public Company Limited (“SSC”) through the Stock Exchange of Thailand (SET), equivalent to the investment of over one billion Baht, has been deprived of its legitimate right as shareholder by the civil court injunction issued according to the request of Mr. Sarat Chokechaemsai, a holder of 3,100 SSC shares (or 0.001% of total SSC shares) which is amounted to just a hundred thousand Baht in investment, according to his statement to the civil court in the case which he agrees to make a court case deposit of Baht 500,000 for the court to issue the injunction. The deposit is much higher than his investment in SSC which is the express fact of the case. The Company’s purchase of SSC shares cannot result in any injury to Mr. Sarat Chokechaemsai. However the injunction requested by him to suspend the Company’s right to attend and vote and to be entered as SSC shareholder has shown that a shareholder who holds 0.001% stake can deprive the fundamental rights of another shareholder of 9.13% shares legally purchased through the SET, the stock exchange where Thai and foreign investors trade registered securities of listed companies in Thailand.
Due to the deprivation of fundamental rights as SSC shareholder by the civil court injunction, the Company filed a motion seeking revocation of the order before the civil court yesterday (28 April 2011) at 8.30 hours and prepared the evidences for presenting before the court to consider to revoke the injunction issued according to the groundless claims and false allegations of Mr. Sarat Chokechaemsai. SSC will hold a general meeting of shareholders today (29 April 2011), therefore it is an urgent matter to be heard by the court for the sake of justice to revoke the injunction and to allow the Company to attend the SSC general meeting of shareholders today (29 April 2011). The Company should be duly and legally entitled to attend the general meeting because it has become a valid shareholder of SSC since 23 February 2011. The civil court accepted the motion for consideration and the plaintiff’s litigators also were present at the court.. However the civil court fixed the date for the motion to be heard on 2 May 2011, which is two days after the general meeting of shareholders of SSC has been held.
Moreover the Company has filed a complaint against Thailand Securities Depository Co., Ltd., SSC and Mr. Sarat Chokchaemsai, seeking damages incurred by these persons who act to deprive the fundamental and legitimate rights as shareholder of the Company. The Southern Bangkok Civil Court also accepts the complaint for hearing.
The prohibition of the Company from attending the general meeting of shareholders of SSC on 29 April may make the general meeting of shareholders of SSC meeting and any resolution obtained at the meeting become illegitimate. As such, the Company has submitted an objection against any registration made in connection with the general meeting of shareholders of SSC and the resolutions obtained thereof. The objection is filed with the company registrar of the Department of Business Development, the Ministry of Commerce today (29 April 2011).
Under the rules of the Ministry of Commerce that have been applied consistently, the registrar will not accept any registration being objected by any related parties. The registrar will proceed to investigate the facts and also to request the registration applicant, which in this case is SSC, to submit a statement explaining whether the resolution of the shareholders’ meeting in question is legitimate or not. Generally, the proceeding of consideration and investigation of the Ministry of Commerce will take at least 15 days.
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