In a filing yesterday, the SET asked the property developer to provide details about the nature of Sophast Intercorp's business, paid-up capital, nationality, location and date of establishment.

The company reported on Monday it signed a share-subscription agreement with Sophast Intercorp to allocate 1.5 billion shares, or a 64-per-cent stake, to four investors: Wanarat Rojchupun, Somlak Sopastianpong, Wiruth Wongsangnak and Khamseng Khamkoon.

The share sale will be set after due diligence but at a price of not less than Bt1 apiece.

Following the transaction, the four investors will become the company's major shareholders.

SET data shows that as of last November 15, Bangkok Commercial Asset Management owned 5.14 per cent, Taweechat Chulangkul 4.64 per cent, Thai Asset Management 3.16 per cent, Manop Divaree 2.09 per cent and Wichai Krisdathanont 1.56 per cent.

Under the agreement, the investors must provide a Bt1-billion loan at the minimum lending rate and purchase three-year maturity convertible debentures with an exercise price of Bt1.30 apiece.

"Specify the reasons and criteria for choosing the allocation of increased shares to the specific four investors, including the benefits to be expected from the investors beside the received funds. If the deal is done, please identify the significant agreements or conditions between Krisdamahana-korn and Sophast Intercorp, such as a share-sale prohibition for a specific period," the SET said in the statement.

The SET is requiring the company to explain whether the transaction will have an impact on Krisdamahanakorn's management structure and business direction.

If a tender offer is required, the company should identify the price and time frame, the SET said.

The SET also said the company was required to state whether the soon-to-be-issued convertible debentures would be allotted to Sophast Intercorp.