16/07/2026
While conventional loan arrangements are commonly used where financing is obtained from a limited number of lenders, debentures and convertible debentures may provide an alternative means of raising capital from multiple investors under a single issuance and offer a more flexible investment structure for both issuers and investors.
Although Section 1229 of the Thai Civil and Commercial Code generally prohibits private limited companies from issuing debentures, Section 37 of the Securities and Exchange Act B.E. 2535 (1992) (as amended) (the “Securities Act”) provides that such restriction shall not apply to private limited companies that obtained approval to issue debentures under the Securities Act.
See the rest of the article, by Senior Partner Sumet Mingmongkolmitr and Associate Patchakorn Mingmongkolmitr, below.