In a significant development for the Thai capital market, minor shareholders of Bangchak Corporation Public Company Limited (SET: BCP) have formally requested the Department of Special Investigation (DSI) to launch an inquiry into a major asset acquisition by its subsidiary, BCPG Public Company Limited (SET: BCPG). The case revolves around a 9-billion-baht purchase of an oil terminal and seaport in Phetchaburi province, which shareholders allege may have been overvalued, potentially damaging the transparency and image of the Thai stock market.
On May 21, 2026, a group representing BCP’s minor shareholders submitted a petition to the DSI. The core of their complaint is the perceived discrepancy between the acquisition price and the asset’s recorded value. While BCPG committed 9,000 million baht to the deal on December 30, 2022, subsequent financial records showed the asset’s book value at approximately 6,550 million baht. This creates a 2,450-million-baht gap that shareholders fear could indicate a “siphoning” of funds or price manipulation.
Adding weight to their suspicions, the shareholder representative cited historical data suggesting that in 2010, the same asset was offered to BCP for only 3,000 million baht. At that time, BCP reportedly declined the offer, deeming it not worth the investment. The shareholders are now questioning why the price tripled by 2022 and why the book value plummeted by over 2.4 billion baht just three months after the transaction was finalized.
The petition specifically asks the DSI to investigate five key areas:
- The entire acquisition process, including who proposed the deal, the approval steps, and the financial trails of all parties involved to see if anyone received illicit benefits.
- The reason behind the 2,450-million-baht difference between the purchase price and the recorded book value.
- Whether there was collusion to artificially inflate the asset’s value.
- Whether the transaction involves money laundering activities.
- Whether this constitutes a coordinated effort by an “organized crime group” to siphon money out of BCP and BCPG.
From BCPG’s perspective, the acquisition of the Phetchaburi oil terminal—previously operated by Pan Asia Storage & Terminal Co., Ltd.—is a strategic move. The 150-rai facility includes high-capacity storage and a pier capable of handling 30,000-gross-ton vessels, making it a vital piece of energy infrastructure.
The company has previously justified the 9-billion-baht valuation through an Independent Financial Advisor (IFA) report using the Discounted Cash Flow (DCF) or Income Approach. Management argued the terminal provides a stable “recurring income” of approximately 900 million baht per year through long-term, fixed-fee contracts with major partners.
Regarding the 2,450-million-baht gap, BCPG’s 2023 year-end financial reports explain this as a technical accounting matter under TFRS 3 (Business Combination). Following a Purchase Price Allocation (PPA) by an independent appraiser, 6,550 million baht was assigned to physical assets (land, buildings, tanks), while the remaining 2,450 million baht was categorized as “Intangible Assets,” representing rights under long-term service contracts. BCPG maintains that this accounting classification does not affect the project’s actual cash flow or revenue potential.
