Thailand

BANGKOK, 1 July 2026 – Kudun and Partners ("KAP") has strengthened its partnership with the addition of Nopparat Lalitkomon as Head of the firm's Technology, Data and Innovation Practice, along with a team of associates, while also welcoming competition law specialist, Piyapat Tubin to launch the firm's Antitrust & Trade Competition Practice. The strategic additions reflect the firm's continued investment in high-growth practice areas driven by digital transformation, increasing regulatory complexity, and heightened competition law enforcement across Thailand and the wider region. Nopparat joins KAP from one of Southeast Asia's leading regional law firms, bringing extensive experience advising multinational corporations, financial institutions, technology companies, digital platforms, fintech operators, insurers, and telecommunications businesses on complex regulatory, commercial and transactional matters across the region. Widely recognised for his work in technology, data privacy, cybersecurity, and digital business regulation, Nopparat is regarded as one of Thailand's leading practitioners in the technology sector. He also regularly advises on foreign direct investment, corporate structuring, mergers and acquisitions, and joint ventures. His arrival comes at a time when businesses face unprecedented regulatory scrutiny arising from artificial intelligence (AI), digital platforms, cross-border data transfers, cybersecurity risks, digital payments, and evolving data protection requirements. As businesses continue to accelerate their digital transformation initiatives, demand for integrated legal support that bridges technology, regulatory, commercial, and transactional considerations has grown significantly. Under Nopparat's leadership, KAP intends to further strengthen and expand its Technology, Data and Innovation Practice, offering clients a broader suite of advisory and managed legal services designed to support businesses throughout their digital transformation journey. The practice will provide strategic counsel on data protection and privacy compliance, DPO-as-a-Service, Local Rep-as-a-service, PDPA implementation and training, AI governance and responsible AI frameworks, cybersecurity preparedness and incident response, technology contracting, online gaming and digital content advisory, digital payments and legal technology solutions. The expanded offering reflects increasing demand from clients for practical, business-oriented support in navigating increasingly complex digital, regulatory and operational landscapes across Thailand and Southeast Asia. At the same time, KAP is launching its Antitrust & Trade Competition Practice with the appointment of Piyapat Tubin, a highly regarded competition law specialist with more than a decade of experience in competition law enforcement, investigations, litigation, regulatory policy, and legislative drafting. Prior to joining KAP, Piyapat held senior positions at Thailand's Office of Trade Competition Commission (OTCC), where she led major investigations involving cartel conduct, abuse of dominance, merger control, unfair trade practices, and digital platform regulation. Having served in senior roles at the OTCC, Piyapat brings a rare combination of regulatory, enforcement, and policy-making experience. Her deep understanding of the legislative intent behind Thailand's competition laws, together with firsthand knowledge of how regulators assess conduct, investigate cases, and make enforcement decisions, enables her to provide practical and commercially focused advice on competition risk, merger control, regulatory investigations, and compliance matters. The launch of KAP's Antitrust & Trade Competition Practice reflects the growing importance of competition law as a core element of business strategy and regulatory compliance. As markets become increasingly interconnected and the world grows smaller, competition law is no longer a distant legal concept—it has become an integral part of doing business. Our practice advises clients on merger control, competition compliance, regulatory investigations, cartel and abuse of dominance matters, dawn raid preparedness, and a full spectrum of antitrust and trade competition issues, helping businesses manage legal risks, seize commercial opportunities, and achieve sustainable growth. Commenting on the appointments, Kudun Sukhumananda, Managing Partner of Kudun and Partners, said: "Beyond strengthening our traditional legal capabilities, these additions enable us to broaden our service offerings in areas such as AI governance, data protection, cybersecurity, digital business regulation and competition law, where clients are increasingly seeking strategic and operational support alongside legal advice. The addition of Nopparat, his team members as well as Piyapat significantly strengthens our ability to advise clients on these critical issues. Their expertise aligns closely with the evolving needs of our clients and supports our vision of building one of Thailand's leading full-service independent law firms." Nopparat added: "I am delighted to join Kudun and Partners at such an exciting stage of its growth. Thailand continues to attract significant investment in technology, digital infrastructure, and innovative businesses. I look forward to helping clients navigate the opportunities and regulatory challenges arising from this rapidly evolving landscape." The appointments form part of KAP's broader growth strategy as the firm continues to expand its capabilities in response to client demand across key sectors, including technology, healthcare, financial services, manufacturing, consumer goods, infrastructure, and the digital economy. About Kudun and Partners Kudun and Partners is a leading independent Thai law firm providing comprehensive legal services across corporate and M&A, dispute resolution, capital markets, restructuring and insolvency, employment, tax, regulatory, technology, data privacy, competition law, and other strategic practice areas. The firm advises multinational corporations, financial institutions, investors, entrepreneurs, and leading Thai businesses on their most significant legal and commercial matters. For media inquiries, please contact: Business Development and Marketing Team [email protected]

Tilleke & Gibbins is pleased to announce the appointment of Chanakarn Boonyasith as partner in the firm’s Bangkok office, further bolstering its top-tier employment practice in Thailand and broadening the strength of its corporate and M&A group. Chanakarn brings extensive experience advising multinational and domestic clients on Thai labor and employment law, personal data protection, and corporate and commercial matters. Her practice encompasses workforce restructuring, complex terminations, employment compliance, workplace investigations, and cross-border employment matters, serving clients across diverse industries including manufacturing, financial services, hospitality, transportation, retail, education, and renewable energy. She also advises on data protection and commercial transactions, enabling her to deliver integrated solutions for multifaceted, cross-jurisdictional matters. Prior to joining Tilleke & Gibbins, Chanakarn was a partner at an international law firm in Bangkok, where she established herself as one of Thailand’s foremost employment lawyers. She is ranked by Chambers and Partners and has been named to Asia Business Law Journal’s A-List of Thailand’s top lawyers. Tilleke & Gibbins managing partner Darani Vachanavuttivong said, “Chanakarn is widely recognized as one of Thailand’s leading employment lawyers, and we are delighted to welcome her to the firm. Her deep expertise in labor and employment law, combined with her practical, business-oriented approach, will further strengthen our ability to deliver comprehensive legal solutions to the multinational companies we advise.” Tilleke & Gibbins managing partner Tiziana Sucharitkul said, “Chanakarn’s appointment underscores our commitment to offering clients best-in-class counsel across all areas of corporate and commercial law. Her track record of assisting clients in navigating Thailand’s evolving employment environment and her strong reputation in the market make her an outstanding addition to Tilleke & Gibbins.” About Tilleke & Gibbins Tilleke & Gibbins is a leading Southeast Asian regional law firm with over 250 lawyers and consultants practicing in Cambodia, Indonesia, Laos, Myanmar, Thailand, and Vietnam. We provide full-service legal solutions to the top investors and high-growth companies that drive economic expansion in Asia. Established in Bangkok in 1890, we have since grown into the largest independent law firm in Thailand and a leading international firm across Southeast Asia due to our commercial focus, local knowledge, and extraordinary service. For enquiries, please contact Sara Miller, director, marketing & business development, at [email protected].

The Securities and Exchange Commission of Thailand (the “SEC”) has revised the rules governing Material Transactions (“MT”) and Connected Transactions (“CT”), as announced in late 2025 under the Notification of the Capital Market Supervisory Board No. TorJor. 45/2568 Re: Rules on Material Transactions and the Notification of the Capital Market Supervisory Board No. TorJor. 46/2568 Re: Rules on Connected Transactions, respectively, to enhance investor protection in line with international standards, promote good corporate governance and sustainability, as well as reduce the regulatory burden of listed companies. To allow listed companies and stakeholders sufficient time to prepare for implementation, the revised rules will come into effect on 1 July 2026. The key amendments are as follows: Transaction Aggregation The aggregation rules for transaction values are refined to prevent splitting of transactions for the purpose of circumventing MT and CT requirements. Material Transactions – The aggregation period for related transactions or transactions undertaken under the same project is extended from 6 months to 12 months before the entry into the transaction. Connected Transactions – The aggregation period remains at 6 months before the entry into the transaction; however, the scope of “same group” for transaction aggregation has been broadened as set out below: (1)        the same connected person; (2)        major shareholders, controlling persons, related persons and close relatives of the connected person; (3)        related persons and close relatives of the persons under (2); and (4)        juristic persons whose major shareholders or controlling persons are persons under (1), (2) or (3). However, the SEC is empowered to aggregate transactions as a single transaction, having regard to their underlying purpose or substantive nature (substance-over-form), for the purposes of enforcing the MT and CT rules and protecting shareholders’ rights. Shareholders’ Approval and Veto Rights Shareholder participation in MT undertaken by listed companies is enhanced by lowering the thresholds for transactions requiring shareholders’ approval from 50% to 25% and introducing special MT that are subject to heightened regulatory oversight. The thresholds for each procedure are as follows: Material Transactions size (“x”) Ordinary MT Special MT/1 Procedures Old New  – X ≥ 25% X ≥ 10% Board of Directors’ approval, Information Disclosure, Shareholders’ approval X ≥ 50% X ≥ 50% X ≥ 25% Board of Directors’ approval, Information Disclosure, Shareholders’ approval, IFA Opinion /1     Entering into a transaction by a company having negative net assets or incurring operating losses, where such transaction has or is likely to have an adverse effect on financial position or operation results Connected Transactions size (“x”) Ordinary CT Special CT/1 Procedures Old New X > THB 1 million or 0.03% of NTA/2 (whichever is higher) X > THB 1 million or 0.03% of NAV/2 (whichever is higher) X < THB 100 million or 3% of NAV/2 (whichever is lower) Board of Directors’ approval, Information Disclosure X ≥ THB 20 million or 3% of NTA/2 (whichever is higher) X ≥ THB 20 million or 3% of NAV/2 (whichever is higher) X ≥ THB 100 million or 3% of NAV/2 (whichever is lower) Board of Directors’ approval, Information Disclosure, Shareholders’ approval, IFA Opinion /1     Entering into a financial assistance transaction with a connected person who is either (i) an individual, or (ii) a juristic person in which the company or its subsidiary holds shares in a proportion lower than that held by other connected persons /2     The change from Net Tangible Assets (NTA) to Net Asset Value (NAV) addresses uncertainties arising from the exclusion of intangible assets under Net Tangible Assets (NTA). Veto Rights of Minority Shareholders – A veto mechanism is introduced. If the audit committee or the independent financial advisor (IFA) is of the opinion that a listed company or its subsidiary should not enter into a MT or CT, a shareholder holding not less than 10% of the total voting rights of the shareholders present at the meeting and entitled to vote shall object to and block such a transaction. Pre and Post Disclosure Requirements To ensure transaction transparency and comprehensive disclosure for shareholders and investors, listed companies are required to provide more extensive information, and the board of directors is required to certify that all directors have exercised due care in reviewing the information and consider the transaction to be reasonable and in the best interests of the company and its shareholders. Furthermore, following approval by the shareholders, the listed company is required to report the progress of the transaction on a semi-annual basis until completion of such transaction, or to report its inability to proceed with or the cancellation of the transaction. Such disclosure must also be included in Form 56-1 One Report of listed companies. Amendments for Operation Efficiencies Not solely aimed at enhancing shareholder protection, the reforms also introduce greater operational flexibility and reduce the regulatory burden on listed companies, as outlined below: Listed Parent / Listed Subsidiary Dual Approval Exemption – Where both a parent company and its subsidiary are listed companies, and the subsidiary’s entry into a transaction has already been approved by its board of directors or shareholders in accordance with MT and CT rules, the parent company is exempt from MT or CT requirements, as the case may be; Exclusion of Material Transactions – Certain transactions are excluded from the scope of MTs including intercompany transactions, new subsidiary establishments, as well as transactions undertaken for liquidity management or in the ordinary course of business. Confidential Material Transactions – In the event that the board of directors, having duly considered its fiduciary duties, determines that prior disclosure of information or obtaining shareholders’ approval may result in significant damage to the company’s interests, Shareholders may approve the transaction on a framework and principle basis. In this regard, the company shall disclose the relevant information after the transaction has been agreed. Next Steps and Readiness of Listed Companies The Stock Exchange of Thailand (“SET”) has not yet issued the corresponding regulations, which are expected to provide further details on MT and CT disclosure requirements, and the final implementation framework remains subject to further clarification. We will continue to monitor developments and provide updates as clarity or progress emerges. Listed companies should closely monitor further developments and begin preparing internally to ensure readiness for compliance ahead of the effective date on 1 July 2026, especially regarding internal policies, governance processes, transaction monitoring frameworks, and disclosure systems.   Written by: Sumet Mingmongkolmitr (Senior Partner)

BANGKOK, 7 May 2026 – Kudun and Partners (KAP) has significantly strengthened its domestic and regional capabilities with the integration of Manunya & Associates Limited, led by Manunya Thitinuntawan, bringing over 10 years of the firm’s established practice together with her 25 years of professional experience, and onboarding of Krissen Pillay as Counsel in the firm’s International Practice, focusing on both our international practice and our new Vietnam practice. These strategic expansion reflect the firm’s continued investment in top-tier talent and its ambition to support clients on increasingly sophisticated domestic and cross-border mandates across Southeast Asia. Manunya & Associates Limited is a well-established corporate and capital markets practice with over a decade of experience advising listed companies, financial institutions, and major corporates on IPOs, public offerings, mergers and acquisitions, and complex regulatory matters under the SEC and Stock Exchange of Thailand regimes. Manunya Thitinuntawan, a highly regarded corporate and capital markets lawyer with over 25 years of experience, joins KAP following a distinguished career at Allen & Overy (Thailand) and as founder of Manunya & Associates Limited. Her practice spans complex M&A and equity capital markets transactions, including IPOs and regulatory matters on the Stock Exchange of Thailand, as well as cross-border and multi-jurisdictional deals. Her experience includes advising on high-profile transactions such as the IPOs of Com7 Public Company Limited and PRTR Group Public Company Limited, and advising Bangkok Dusit Medical Services Public Company Limited on its merger involving Samitivej Hospital. Her arrival, together with her team, significantly enhances KAP’s ability to deliver partner-led, responsive advice on sophisticated transactions in an increasingly competitive market. Commenting on her appointment, Manunya said: “I am pleased to join KAP, a leading firm in the capital markets sector. I look forward to working with the team to support clients with practical, commercially driven advice in an increasingly dynamic legal landscape.” Kudun Sukhumananda, Managing Partner, commented: “We are very thrilled to welcome Manunya and her team to KAP. This is a strategically important addition that reinforces our position at the forefront of the Thai legal market. Her depth of experience in capital markets and M&A aligns closely with our focus on delivering best-in-class advice on the most sophisticated mandates.” In parallel, the firm has expanded its regional offering with the appointment of Krissen Pillay as Counsel, who will join forces alongside with Troy Schooneman to strengthen KAP’s International Practice, and will lead KAP’s Vietnam-focused practice within its International team as Head of Vietnam practice. Krissen Pillay has joined Kudun and Partners as Counsel in the firm’s International Practice, where he will lead the firm’s Vietnam-focused offering, with a particular focus on Thai and broader Southeast Asian companies investing in Vietnam. He has over 13 years of experience across South Africa, Vietnam, and Thailand, specialising in M&A, corporate, and banking and finance. Krissen joins from YKVN LLC, where he served as Counsel in Ho Chi Minh City for 6 years, gaining an uniquely intensive experience in both international practice and Vietnam market norm. Prior to YKVN, he worked with Bowmans in Johannesburg and Werksmans in Cape Town. Krissen brings significant on-the-ground experience in Vietnam, having advised on a wide range of inbound and outbound investments, as well as complex regulatory and transactional matters in one of Southeast Asia’s most active investment destinations. He has particular depth in financial services, logistics, healthcare, and real estate transactions, and is experienced in both inbound investment and the structuring of complex multi-jurisdictional deals in the market. “Krissen’s addition enhances our ability to support clients navigating increasingly sophisticated cross-border investments into and out of Southeast Asia,” said Troy Schooneman, Partner and Head of International Practice. “We are seeing strong growth in Thai companies investing in Vietnam, and Krissen’s deep experience in that market makes him a valuable addition to our team as we continue to support clients expanding regionally.” Kudun Sukhumananda, Founding Partner, added: “Vietnam is one of the most active deal markets in Southeast Asia right now, and Krissen’s appointment positions us to serve clients pursuing opportunities there with genuine on-the-ground capability. As we continue to strengthen both our International Practice and our Vietnam-focused offering, Krissen’s addition allows us to address multiple strategic priorities through a single, well-aligned move. His ability to bridge legal and regulatory systems across multiple jurisdictions reflects exactly the kind of practical, commercially focused advisory we are building at Kudun and Partners.” With these appointments, KAP now comprises 12 partners—eight corporate and four dispute resolution partners—and over 70 fee earners, further reinforcing its position as a leading full-service firm in Thailand with growing regional reach. About Manunya & Associates Limited Manunya & Associates Limited is a well-established corporate and capital markets practice with over a decade of experience advising listed companies, financial institutions, and major corporates on some of Thailand’s most significant transactions. The firm has built a strong reputation for delivering commercially focused advice on IPOs, public offerings, mergers and acquisitions, and complex regulatory matters under the SEC and Stock Exchange of Thailand regimes. The firm is led by its founder, Manunya Thitinuntawan, who brings over 25 years of experience in corporate and capital markets. She began her legal career at Allen & Overy (Thailand) Co., Ltd., where she practiced from 1999 to 2014, before establishing Manunya & Associates Limited in 2015. Her experience spans a broad range of high-profile capital markets and M&A transactions, and she has worked closely with leading international law firms on cross-border and offshore matters, delivering practical and commercially driven legal solutions. Under her leadership, the firm and its team have advised on a wide range of significant transactions across multiple sectors, supporting both listed and private companies on strategic growth, investments, and corporate structuring. The integration of Manunya & Associates Limited into Kudun and Partners significantly enhances the firm’s capital markets platform and strengthens its ability to support clients on sophisticated domestic and cross-border mandates. About Krissen Pillay Krissen brings deep on-the-ground experience in Vietnam, where he has advised corporates, financial institutions, and private equity sponsors on some of the market’s most significant transactions. His work spans strategic acquisitions and disposals, control and minority investments, joint ventures, corporate restructurings, and financing transactions across a range of high-growth and developing markets in Southeast Asia and Africa. He is particularly experienced in structuring and executing multi-jurisdictional transactions in Vietnam and other emerging markets, delivering commercially practical solutions across diverse legal and regulatory frameworks, often within tight timelines. Krissen’s sector experience includes financial services, logistics, healthcare, and real estate, where he has supported clients on high-value and strategically significant investments. He is an Attorney of the High Court of South Africa and holds an LL.B. from the University of Cape Town (Dean’s Merit List). About Kudun and Partners Founded in 2015, Kudun and Partners is an award-winning full-service law firm headquartered in Bangkok, Thailand. Led by some of Southeast Asia’s most accomplished lawyers, the firm advises domestic and international clients across a broad range of practice areas including corporate and M&A, capital markets, dispute resolution, projects and energy, foreign direct investment, restructuring and insolvency, and tax. The firm’s International Practice advises on cross-border transactions throughout Southeast Asia, with dedicated focus on inbound and outbound investment involving Thailand, Vietnam, and the wider region. Kudun and Partners has been recognised as Thailand Law Firm of the Year by The Legal 500 Southeast Asia Awards (2020/21 and 2023) and is the exclusive representative of Thailand in the World Services Group, one of the world’s most prominent networks of independent law firms. For media inquiries, please contact: Business Development and Marketing Team [email protected]