TPC Power Holding Public Company Limited and its subsidiaries generate and distribute electricity in Thailand. The company produces electricity from biomass, hydro, solar, wind, waste, and biogas power plants. It was incorporated in 2012 and is based in Bangkok, Thailand.
TPCH's Q2 loss and failed TPOLY rehab overshadow Laos solar progress
▼
Q2 2026 loss on credit provisions TPCH swung to a 567.9 million baht loss in Q2 2026, mainly from setting aside 609.9 million baht for loans to related parties that may not be repaid. Shares fell 22% on the news. This is the main reason the stock is weak, as it shows real cash risk from related-party lending.
This is the biggest new negative event and directly explains the stock's sharp drop.
▼
Court dismisses TPCH's rehabilitation petition against TPOLY TPCH asked a bankruptcy court to put its parent/creditor TPOLY into rehabilitation, but the court dismissed the petition on 9 September 2026, finding no reasonable grounds. This is a setback for TPCH as a creditor, as it may struggle to recover money owed by TPOLY.
This is a new legal development that affects TPCH's ability to recover related-party debts.
▲
100 MW Laos solar project nears completion TPCH's 100 MW solar farm in Laos is about 80% complete and aims to start full commercial operation this year, with a power purchase agreement already signed. Once running, it will add steady revenue and support the company's green energy growth.
This is a new positive operational milestone that could improve future earnings.
◆
TPOLY bondholders' legal fight continues After the court dismissed TPCH's rehabilitation petition, TPOLY's bondholder representative KPM Securities said it will push for full debt repayment using three legal teams. This is positive for TPOLY bondholders but leaves TPCH's own recovery from TPOLY uncertain, as the legal battle continues.
This is a new follow-up that shows the legal dispute is ongoing and adds uncertainty for TPCH.
Q3 2026
▼2▲1
TPCH's Q2 loss and failed TPOLY rehab overshadow Laos solar progress
▼
Q2 2026 loss on credit provisions TPCH swung to a 567.9 million baht loss in Q2 2026, mainly from setting aside 609.9 million baht for loans to related parties that may not be repaid. Shares fell 22% on the news. This is the main reason the stock is weak, as it shows real cash risk from related-party lending.
This is the biggest new negative event and directly explains the stock's sharp drop.
▼
Court dismisses TPCH's rehabilitation petition against TPOLY TPCH asked a bankruptcy court to put its parent/creditor TPOLY into rehabilitation, but the court dismissed the petition on 9 September 2026, finding no reasonable grounds. This is a setback for TPCH as a creditor, as it may struggle to recover money owed by TPOLY.
This is a new legal development that affects TPCH's ability to recover related-party debts.
▲
100 MW Laos solar project nears completion TPCH's 100 MW solar farm in Laos is about 80% complete and aims to start full commercial operation this year, with a power purchase agreement already signed. Once running, it will add steady revenue and support the company's green energy growth.
This is a new positive operational milestone that could improve future earnings.
◆
TPOLY bondholders' legal fight continues After the court dismissed TPCH's rehabilitation petition, TPOLY's bondholder representative KPM Securities said it will push for full debt repayment using three legal teams. This is positive for TPOLY bondholders but leaves TPCH's own recovery from TPOLY uncertain, as the legal battle continues.
This is a new follow-up that shows the legal dispute is ongoing and adds uncertainty for TPCH.
News & notes movingTPCH.BK
Thailand
TPCH.BK▼
TPOLY bondholders approve forced sale of 45.9 million TPCH shares, appoint lawyers to fight rehabilitation case
The 1/2569 meeting of holders of the TPOLY26NA bond series of Thai Polycons Public Company Limited, or TPOLY, held on 11 September 2569, with a quorum of 78.33% of outstanding bonds present, passed a resolution with 83.21% of votes approving the forced sale of 45,925,412 ordinary shares of TPC Power Holding Public Company Limited, or TPCH, on the stock exchange. The sale is subject to a minimum daily condition of not less than 5% of the pledged shares, or 2,296,270 shares per day, using the volume-weighted average price, or VWAP. The bondholders' representative may sell additional shares if the volume sold is less than 50% of the total trading volume of TPCH shares on that day, but the maximum daily sale must not exceed 20% of the pledged shares, or 9,185,082 shares. The meeting also passed a unanimous resolution with 100% of votes authorising Beyond Securities Public Company Limited, as the bondholders' representative, to take legal action related to TPOLY's business rehabilitation case, case number ฟฟ.13/2569, at the Central Bankruptcy Court. If the court does not accept the petition or the rehabilitation plan fails, the bondholders' representative may immediately sue and enforce all collateral. If the court accepts the rehabilitation petition, a lawyer will be engaged to file an objection to the rehabilitation petition, file a debt repayment claim, and attend meetings to vote against the rehabilitation plan. The representative is also authorised to file both criminal and civil complaints to seek direct and indirect damages from TPOLY, including its directors and executives involved, with TPOLY as the bond issuer required to bear all expenses in the legal process. Earlier in the meeting, bondholders also passed a resolution with 99.55% of votes approving a waiver of non-compliance with the criteria on the timeframe for convening the meeting and closing the bondholders' register, so that the meeting and consideration of key agenda items could proceed quickly.
TPOLY.BK · Regulation · Negative Bondholders voted to fight TPOLY's rehabilitation petition, pursue criminal and civil complaints, and enforce collateral, with TPOLY bearing all legal costs.
TPCH.BK · Supply · Negative Bondholders approved the forced sale of 45.9 million TPCH shares on the exchange, adding significant share supply/overhang.
BYD.BK · Regulation · Neutral Beyond Securities is authorized as bondholders' representative to pursue legal action in TPOLY's rehabilitation case, a legal/regulatory role with unclear financial impact.
TPCH reports 100 MW Laos solar project 80% complete, targets COD this year
TPC Power Holding Public Company Limited, or TPCH, disclosed during an Earnings Call (Opportunity Day) that it plans to begin commercial operation, or COD, of a 100-megawatt solar power project in the Lao People's Democratic Republic within 2026. The project is currently about 80% complete and has already begun partial pre-commercial operation, or Pre-COD, electricity supply. Full commercial operation at full capacity is expected within this year. For its operations in Thailand, TPCH continues to focus on developing and improving the efficiency of six biomass power plants, namely CRB, MWE, TSG, PGP, SGP and PTG, with a combined installed capacity of 71.2 megawatts, so they can run at full capacity and deliver maximum operating efficiency.
TPCH.BK · Demand · Positive TPCH's 100 MW Laos solar project is 80% complete and targeting COD this year, adding operating capacity and electricity supply
KPM Securities Assigns Three Legal Teams to Defend TPOLY Bondholders' Rights After Court Dismisses Rehabilitation Petition
The Central Bankruptcy Court has ordered the dismissal of the business rehabilitation petition of Thai Polycons Public Company Limited, or TPOLY, which was filed by the petitioning creditor TPC Power Holding Public Company Limited, or TPCH. The court found that there were no reasonable grounds for the company to enter the rehabilitation process under Section 90/6, paragraph one, of the Bankruptcy Act, according to TPOLY letter 080/2569 dated 10 September 2569, which was reported to the Stock Exchange of Thailand. Ms. Onanong Intharaprasit, Chief Executive Officer of KPM Securities Company Limited, in her capacity as lead underwriter and debenture holders' representative, said the company has maintained its stance against the rehabilitation petition from the outset in order to fully protect the rights of debenture holders, and that this court order is a positive signal that allows it to move forward with demands that TPOLY repay its debts to debenture holders without restriction. It has currently prepared as many as three legal teams and is ready to exercise legal rights to the fullest extent to safeguard the interests of debenture holders to the utmost, and it asks all relevant parties to act transparently and fairly toward every debenture holder. The court order dismissing the rehabilitation petition is beneficial to TPOLY debenture holders because it means TPOLY does not receive protection to suspend debt payments during the rehabilitation process. Debenture holders therefore retain the full right to demand repayment and to enforce their claims through legal proceedings. KPM Securities will closely monitor developments and will inform debenture holders when there is any significant progress.
TPOLY.BK · Regulation · Positive Court dismissed the rehabilitation petition, so TPOLY avoids debt-payment suspension and faces full repayment demands from debenture holders.
KPM Securities Company Limited · Regulation · Positive As debenture holders' representative, KPM Securities can now pursue TPOLY debt repayment without rehabilitation restrictions after the court dismissal.
TPCH.BK · Regulation · Neutral TPCH's rehabilitation petition against TPOLY was dismissed by the Central Bankruptcy Court, an unfavorable legal outcome for the petitioning creditor.
Central Bankruptcy Court dismisses TPCH petition to rehabilitate TPOLY
Thai Polycons Public Company Limited, or TPOLY, informed the Stock Exchange of Thailand that on 9 September 2026 the company was notified by the Central Bankruptcy Court that the court had issued an order dismissing the business rehabilitation petition filed by TPCH Power Holdings Public Company Limited, or TPCH, which is both a subsidiary and a financial creditor of TPOLY. Earlier, TPCH had filed a petition seeking the rehabilitation of TPOLY with the Central Bankruptcy Court on 28 August 2026, docketed as case number ฟฟ 13/2569. However, after consideration, the Central Bankruptcy Court found no reasonable grounds for TPOLY to enter the rehabilitation process under Section 90/6, paragraph one, of the Bankruptcy Act B.E. 2483 and its amendments, and therefore issued the order dismissing the petition. TPOLY stated that if there are any significant developments regarding the matter, the company will disclose information to the Stock Exchange of Thailand in accordance with the relevant criteria.
TPCH.BK · Regulation · Negative TPCH's business rehabilitation petition against TPOLY was dismissed by the Central Bankruptcy Court for lack of reasonable grounds.
TPOLY.BK · Regulation · Positive The Central Bankruptcy Court dismissed TPCH's rehabilitation petition, sparing TPOLY from entering the business rehabilitation process.
TPCH Appoints Sakchai Leerattanakul as CFO Effective September 1, 2026
TPC Power Holding Public Company Limited (TPCH) has announced the appointment of Mr. Sakchai Leerattanakul as Deputy Managing Director of the Accounting and Finance Group, and as the highest-ranking officer in the accounting and finance department, or Chief Financial Officer (CFO), effective from September 1, 2026. This appointment follows the conclusion of Mr. Cherdsak Wattanawijitkul's tenure as Acting Deputy Managing Director of the Accounting and Finance Group on August 31, 2026.
TPCH.BK · · Neutral TPCH appoints Sakchai Leerattanakul as CFO effective September 1, 2026, a leadership change with no clear financial or operational driver.
TPOLY Faces Bankruptcy Court as TPCH Files for Business Rehabilitation
Thai Polycons Public Company Limited (TPOLY) has disclosed that TPCH Power Holding Public Company Limited (TPCH), a financial creditor and subsidiary, has filed a petition with the Central Bankruptcy Court for the rehabilitation of TPOLY under the Bankruptcy Act B.E. 2483 and its amendments. The case is registered as Black Case No. Por.Por. 13/2569, filed on August 28, 2569. The court is currently considering whether to accept the petition. TPOLY stated that it will closely monitor progress and will disclose information to the Stock Exchange of Thailand upon any court order or significant development.
TPOLY.BK · Regulation · Negative TPOLY faces a bankruptcy court rehabilitation petition filed by creditor TPCH, threatening its restructuring/insolvency.
TPCH.BK · Regulation · Negative TPCH, a subsidiary, filed the bankruptcy rehabilitation petition against its creditor-parent TPOLY, signaling financial distress at the subsidiary.
TPCH to Commence Commercial Operation of 100 MW Solar Farm in Laos by 2026
TPC Power Holding Public Company Limited (TPCH) is preparing to commence full commercial electricity generation from its 100-megawatt solar energy project in Laos by 2026. Construction progress stands at approximately 80%, with over 90% of solar panel installation completed. Currently, work is underway on the transmission system and substation upgrades, with partial system testing already initiated. The project is a joint venture between TPCH and Mekong Power Company Limited (MKP), with TPCH holding a 40% stake. A power purchase agreement has been signed with Electricite du Laos (EDL). Meanwhile, TPCH is advancing domestic biomass power plant projects, including CRB, MWE, TSG, PGP, SGP, and PTG, with a combined installed capacity of 71.2 megawatts. The company aims to enhance value from green businesses, with potential to generate up to approximately 81,000 TCO2e of T-VER carbon credits annually and produce up to 570 million RECs per year, while also selling I-RECs to create sustainable revenue.
TPCH plunges 22% after Q2 2026 swings to a loss of 567 million baht on credit provisions
TPCH shares tumbled 21.99% to 1.10 baht, down 0.31 baht, with a trading value of 1.97 million baht as of 10:05 a.m., after TPC Power Holding reported a second-quarter 2026 loss of 567.92 million baht, compared with a profit of 31.43 million baht in the same period last year. The main reason was a provision for credit losses on loans to related parties and accrued interest totaling 609.85 million baht. Meanwhile, the core business posted an operating profit of 6.60 million baht. Revenue from electricity sales fell 10.9% from the previous quarter to 503.90 million baht, as the PTG power plant temporarily halted operations due to unrest in the area and the MWE project reduced its run rate. The company is accelerating repairs and gradually resuming operations, while also proceeding with the sale of its investment in the IWP wind power project in Cambodia, where interested parties are in talks and a share deal is expected to be completed in 2026.
Thailand
