Shareholders of CP ALL Public Company Limited (SET: CPALL) have voted on May 29, 2026, to reject the proposal to transfer three of the company’s core subsidiaries to ACM Holding Company Limited (ACMH), the virtual banking vehicle of Charoen Pokphand Group.
According to the official results from Extraordinary General Meeting (EGM) No. 1/2026 held this afternoon, 96.4% of the voting rights present voted against the resolution. Because the restructuring was classified as a connected-party transaction, the major shareholder, CP Group, was legally absent from casting votes. The resolution failed to meet the three-fourths (75%) approval threshold of non-connected shareholders required to pass.
The voting outcome aligns with the official guidance issued by CPALL’s Board of Directors and Audit Committee, both of which had formally recommended that shareholders vote against the asset transfer. The three subsidiaries that were proposed to be incorporated with ACMH are Counter Service, Thai Smart Card, and CP Axtra.
The proposal from ACMH is in accordance with the Bank of Thailand’s requirement. Under the central bank’s licensing framework for virtual banks, any entities within a conglomerate that engage in financial services, payment systems, or electronic transaction processing are required to be consolidated under the single financial holding company managing the virtual bank vehicle.
For CP Group, this meant that Counter Service and Thai Smart Card—both deeply involved in payment clearing, digital transactions, and banking agent operations—legally fell under this regulatory umbrella, while CP Axtra has the bill payment services. ACMH’s structure was designed to centralize these existing financial capabilities to satisfy the central bank’s corporate governance and consolidated supervision rules, a prerequisite for the Group to secure and operate its upcoming virtual banking license.
