Independent Financial Advisor (IFA) Beyond Securities Public Company Limited has recommended that shareholders of STP & I Public Company Limited (SET: STPI) approve a capital increase of up to THB 1.254 billion. The transaction consists of a Rights Offering (RO) of 164.75 million shares at an 11:1 ratio and a Private Placement (PP) of 61.15 million shares, both offered at THB 5.55 per share.
The PP tranche, valued at THB 339.36 million, is earmarked for Mr. Masthawin Charnvirakul, STPI’s Director and Managing Director. Classified as a connected transaction, the share issuance aims to align executive incentives to drive the implementation of the Company’s long-term business and investment plans.
The IFA confirmed that the THB 5.55 price is fair as it falls within STPI’s appraised fair value range of THB 4.63–6.50 per share. This valuation was derived using the Adjusted Book Value Approach (THB 4.63–6.21), Historical Market Price Approach (THB 4.72–6.27), and Sum-of-the-Parts (SOTP) Approach (THB 4.79–6.50). The offering price represents a 9.35% discount to the 15-day volume-weighted average market price of THB 6.12.
STPI intends to deploy THB 900 million toward its 26% equity stake in a THB 32.85 billion Data Center project in the Eastern Economic Corridor (EEC), with the remaining THB 1.24 billion equity portion to be funded via secondary sources. An additional THB 353 million is dedicated to renewables, including THB 256.94 million to secure a 60% stake in Daisy Drive’s 55 MW Solar Power Plant paired with a 40 MW Battery Energy Storage System (BESS), and THB 96.06 million for future green projects.
Control dilution for existing shareholders is estimated at 3.00% if the RO is fully subscribed, reaching 11.08% under a maximum dilution scenario if unsubscribed RO shares are reallocated to the PP recipient. Because the RO and PP offerings operate independently, any shortfall in RO proceeds may require debt financing.
The proposal will be submitted for shareholder vote at the Extraordinary General Meeting on October 1, 2026.
