Thailand: real estate deals under the control of a competitive regulator.

In short, the Thailand Trade Competition Commission (TTCC) recently imposed fines on real estate developers for failing to timely provide notifications for mergers.

Fines were imposed in four cases - both on the companies and on the responsible managers appointed by their boards of directors to oversee the respective transactions. The fines amounted to 1.3 million baht (reduced from 1.4 million baht), 1.3 million baht (reduced from 1.4 million baht), 1.3 million baht (reduced from 1.4 million baht), and 2.75 million baht (reduced from 5.3 million baht).

In all these cases, the discussion was about acquiring shares - specifically, the purchase of shares in a target company that owns real estate.

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In each case, the TKKC concluded that the transaction is a merger that must be reported to the TKKC within seven days after closing. In one case, although the target company did not generate income in the previous year, the TKKC believes that the transaction is subject to notification.

According to the Competition Act of 2017, the acquirer is required to notify the Competition Commission of a merger that does not lead to the dominance of a company, provided that the revenue of one of the parties or the combined revenue of the parties in the previous year was 1 billion baht or more.