Mermaid Maritime EGM 2025: Key Decisions and Implications for Investors

Date of Meeting: 28 October 2025
Location: Asiana Meeting Room, Orakarn Building, Bangkok

1. Meeting Overview

Mermaid Maritime Public Company Limited (“Mermaid Maritime”), a Thailand-based provider of subsea and offshore services, convened its Extraordinary General Meeting (EGM) No. 01/2025 on 28 October 2025. The meeting was chaired by Mr. Prasert Bunsumpun, Chairman of the Board. A quorum was achieved with shareholders representing 68.85% of the company’s total issued shares in attendance.

2. Key Resolutions Passed

1. Adoption of the 2025 AGM Minutes

   Shareholders unanimously approved the minutes of the Annual General Meeting held on 30 April 2025. This resolution was passed with 100% of the votes in favour and no abstentions or objections.

2. Approval of Loan Restructuring with Thoresen Thai Agencies PCL (TTA)

   This is the most significant and potentially price-sensitive agenda item. The EGM approved Mermaid Maritime’s entry into a loan restructuring agreement with Thoresen Thai Agencies PCL (“TTA”) concerning various existing loan arrangements.

   • Nature of the Transaction: The restructuring involves interested person transactions as TTA, Soleado Holdings Pte. Ltd., Athene Holdings Ltd., and Mr. Chalermchai Mahagitsiri are considered interested parties and therefore abstained from voting.
   • Board and Audit Committee Recommendation: The Audit Committee reviewed the terms and concluded that the transaction is conducted on normal commercial terms and is not prejudicial to the company or its minority shareholders. The Board of Directors recommended shareholders to approve the agreement.
   • Voting Outcome: All non-interested shareholders voted in favour, with 100% approval from eligible votes.

   Investor Implications: Loan restructurings can have a significant impact on a company’s financial health, debt servicing costs, and liquidity position. The successful approval may strengthen Mermaid Maritime’s balance sheet and improve its financial flexibility, potentially affecting share value.

3. Other Business

   No additional business was raised or transacted during the EGM.

3. Other Notable Points

• Independent Oversight: The meeting’s vote counting and procedures were overseen by legal advisors from Manunya & Associates Limited and external auditors from KPMG, ensuring compliance with laws and the company’s Articles of Association.
• Transparency: Interested parties abstained from voting on the loan restructuring, in line with SGX-ST rules, upholding governance standards.
• Management Attendance: Key directors and senior management were present, either in person or via teleconference, demonstrating active oversight and involvement in critical company decisions.

4. Conclusion and Outlook

The approval of the loan restructuring agreement with TTA is the most material item from this EGM, with direct implications for Mermaid Maritime’s financial stability and future operations. Investors should monitor subsequent disclosures regarding the terms of the restructuring, as well as the company’s financial performance in upcoming quarters, for further impact on share value.

Disclaimer: This article is provided for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence or consult a professional advisor before making investment decisions. The author and publisher bear no responsibility for any losses arising from reliance on the information provided herein.

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