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party only when it is recorded into the

companyûs register of shareholders. For a

public limited company, Section 58 of the Public

Limited Company Act of Thailand prescribes
that the share transfer shall be valid upon

the transferorûs endorsement of the share

certificate, which shall specify the name of

the transferee, be signed by both parties and

be delivered to the transferee. Such share

transfer may be raised against the company

once the company has received the request for

registration of the share transfer, and may be

raised against a third party only when it is

recorded into the companyûs register of

shareholders. In the case of a company listed
on the SET, Thailand Securities Depository Co.,

Ltd. (the çTSDé) will act as its registrar, and
the transfer of listed shares can be made through

the TSDûs scripless system.

In the acquisition of shares, either in the case

of shares in a private limited company or a

listed or non-listed public company, it is

common for the transferor and transferee to

execute a share purchase agreement (the

çSPAé). To cope with the uncertainty of

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