OWNERSHIP OF ADKINSON SECURITIES
Techaubol, Kewkacha clans team up against major shareholder
The Techaubol and Kewkacha clans yesterday teamed up to throw out Adkinson Securities' four board directors acting as proxies for the company's major shareholder, believed to be Song Watcharasriroj.
Song is a big-time investor who was accused of involvement in stock manipulation at the now-defunct Bangkok Bank of Commerce. The joint action came after a report that Song, at the company's shareholders' meeting yesterday, would sack management led by CEO Sadawut Techaubol, because Song was not happy about the company's mounting losses. The Techaubol family owns about 20 per cent of Adkinson Securities, the Kewkacha family 15 per cent and the Song group 30 per cent. The ousted directors are Nanthaphan Mahuttanatan, Sunjutha Witchawut, Att Asvanund and Charles Wong. Sunjutha is Song's sister. The broker's board has 14 directors. Adkinson Securities' shareholders at the meeting also approved B Techaubol and Rit Kewkacha as directors to replace two of the ones removed. The other two seats remain vacant. Sadawut told the shareholders that the combined stake of both families was about 35 per cent, which was enough to prevent other investors from dipping into the company's cash flow of Bt2 billion to Bt3 billion a year. The new directors will give greater flexibility and convenience to management, he said. The board will make a decision about whether two new directors should be appointed to fill the vacancies. The Techaubols plan to snap up more Adkinson Securities shares in the future, Sadawut said. The company from now on will carry out its current business plan and seek strategic partners from Europe and Asia in order to strengthen its operation. A deal with strategic partners should be concluded next month, he said. The company next month will also appoint Weera Manakongtricheep as the new managing director. "His trial has already been settled, and the company's board meeting next month will discuss his appointment," said Sadawut. "He is a capable and vanguard manager. It's not surprising he will take over the post." Weera, formerly president of Sitca Finance and Securities, was recently accused of fraud. Adkinson Securities will not consider selling Apex Securities securities licences at the moment, given the unfavourable conditions in the stock market, he said. "The company bought the licences, worth Bt500 million to Bt600 million. "If it gets too low a price, we might consider letting it resume operations by itself," he added. Siriporn Chanjindamanee The Nation
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