Bangkok, July 26, 2016 - The Criminal Fining Committee has imposed a fine of 500,000 baht on {A} for soliciting a person to purchase shares of {X1} Public Company Limited based on nonpublic information he had known by virtue of his working positions.

Following a referral from the Stock Exchange of Thailand (SET), the SEC's further investigation has revealed that {A} solicited the person to purchase {X1} Public Company Limited shares based on the insider information that {X3} Company Limited in Malaysia was interested in buying {X1} Public Company Limited shares from {X2} Public Company Limited at a higher price than the market price at the time.

The aforesaid nonpublic information was material to the change of {X1} Public Company Limited share price because {X1} Public Company Limited was the major shareholder of 48.85 percent of the total {X1} Public Company Limited shares, which would cause the structure of the {X1} Public Company Limited major shareholders to change, and consequently {X3} Company Limited would have to make a tender offer of the rest of the {X1} Public Company Limited shares. In this case, the offer price was higher than the market price.

{A} had access to such insider information because at the time he was holding the positions of {X1} Public Company Limited director, {X2} Public Company Limited Chief Executive Officer and {X2} Public Company Limited Vice President. He solicited the person to purchase {X1} Public Company Limited shares during 23 December 2010 - 6 January 2011 before such information became public on 18 January 2011.

{A}'s misconduct was deemed taking an unfair advantage of other persons in violation of Section 241 and liable to penalties under Section 296 of the Securities and Exchange Act. The Criminal Fining Committee has ordered him to pay a minimum fine of 500,000 baht.

The SEC appreciated the assistance of The Securities Commission Malaysia in compilation of facts and evidence, which contributed to the successful handling of this case.