Strategic Capital Acquisitions (SFC), the new major shareholder of Seamico Securities, has nominated representatives to sit on the securities firm's board of directors.

However, there was no agenda item proposing a merger between Seamico and Syrus Securities at yesterday's meeting of Seamico Securities shareholders, despite expectations that this would occur.

Seamico Securities earlier reported to the Stock Exchange of Thailand (SET) that SFC held its shares through two nominees: Quam Securities and Quam Securities Nominee (Singapore). As of March 29, the Quam Securities Group held 140.98 million shares, or 16.91 per cent of Seamico.

The market believes the new major shareholder plans to restructure Seamico by turning it into a holding company and merging its assets with Syrus Securities. Industry observers say Quam Securities is a proxy for former Seamico Securities shareholder and executive Nupraphant Sanitwong. Nupraphant has good connections with Chatchaval Jiaravanon, who held 12.75 per cent of Syrus Securities' stock and was its major shareholder as of March 31.

Larger shareholders of Seamico Securities reportedly gathered the support of other shareholders in an effort to block an expected agenda item at yesterday's meeting from a group led by Nupraphant and acting on behalf of Syrus Securities.

Seamico Securities CEO Reungvit Dusdeesurapot said that following news reports of a possible merger, his company told the Securities and Exchange Commission no such move was being planned.

Despite the denial, four of Seamico's board members - Paron Israsena na Ayudhaya, William Hang Man Chao, Chatchawal Eimsiri, and Duangrat Watanapongchat - have resigned. The shareholders' meeting appointed four new directors believed to represent the new major shareholder. They are Chaiphat Srivisaravacha, Pinit Puaphan, Praphan Asawa-aree and Pornpan Phornprapa.

A source close to the events said the four new directors were expected to be key persons directing the company's business plans from now on and that this would include a merger with Syrus Securities.

Whether the current executives, including CEO Reungvit and managing director Chao Arunyawat, remain in their posts will depend largely on the policy dictated by the new directors.

Siriporn Chanjindamanee

The Nation