Stock Exchange Demands SPTX Explain 1.19 Billion Baht Beauty Business Investment
Thailand's stock exchange is demanding clarification from SPTX over its 1.19 billion baht acquisition of a beauty company from its vice chairman, which would dramatically increase his stake in the firm from 21 percent to 43 percent.
The Stock Exchange of Thailand has requested additional disclosure from SPTX Public Company Limited regarding its proposed 1.195 billion baht investment in Rasmi Bhumi Anti-Aging Beauty Company Limited, a transaction it has classified as a major acquisition and significant related-party deal requiring shareholder approval.
On September 15, 2026, SPTX's board approved the investment, which would give the company a 92 percent stake in the target firm. The sellers are Rasmi Bhumi Holding (Thailand) Limited and Rasmi Bhumi Holding (Hong Kong) Limited, both wholly owned by Rasmi Bhumi Sumetthiwit, who is currently SPTX's vice chairman and major shareholder. The transaction would increase Sumetthiwit's stake in SPTX from 21 percent to 43 percent as of June 30, 2026.
As of that date, the target company held 306 million baht in assets, 187 million baht in shareholders' equity, and generated 32 million baht in net profit over six months. After the transaction, the sellers would retain 8 percent ownership and nominating rights for at least two of five board seats. SPTX has agreed to transfer land and buildings housing two clinic branches back to the sellers under a leaseback arrangement, and the sellers have guaranteed operational performance for five years and committed to expanding by at least nine branches.
The exchange cited concerns about the deal's scale, the significant change in ownership structure, the involvement of a related party, the high investment amount, and the shift into a business with different characteristics and risk profile from SPTX's current operations. The exchange has requested SPTX clarify the timeline of Sumetthiwit's shareholding and investment preparations; the rationale and necessity for the land and building transfer and leaseback, which will create significant future related-party transactions; and the pricing methodology and key assumptions underlying the valuation.
