King Maha Vajiralongkorn Bodindradebayavarangkun has personally become a major shareholder in Siam Commercial Bank (SCB) following the transfer this week of shares held by the Crown Property Bureau (CPB) valued at about $500 million. 

The CPB manages assets owned by the Thai crown, including prime real estate in Bangkok and upcountry, and shareholdings in major listed companies such as SCB and Siam Cement Group (SCG).

The CPB has been brought under more direct control of the king since the death of his father, King Bhumibol Adulyadej, nearly a year ago. The Crown Property Bureau is headquartered in Dusit, Bangkok’s old administrative area.

According to a report posted by the Securities and Exchange Commission on the Stock Exchange of Thailand website on Friday, the CPB’s stake in SCB was reduced to 18.14% from 21.47% as of Oct. 2.

In a separate report filed with the SEC by the Crown Property Bureau, it was stated that the 3.33% holding had been transferred to King Vajiralongkorn, but there was no indication as to whether there was any payment for the stake.

A CPB representative declined comment when contacted by the Nikkei Asian Review.

The 3.3% stake in SCB is worth 16.919 billion baht ($507 million) based on Friday’s closing price of 151 baht.

Source link

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

High level of household debt could disrupt economic recovery

Thailand’s household debt to gross domestic product ratio dropped to 86.8% in the third quarter from 88.1% in the previous quarter, as the economy continued to recover.

SCB expects Thai policy rate to continue rising

EIC expects the MPC to raise policy rate 0.25% at the meeting in November 2022, leading policy rate to end the year at 1.25%.

Indonesia, Malaysia, Philippines, Singapore and Thailand sign MOU on cross-border payments

In the future, this payment connectivity initiative could be expanded to include other countries in the region as well as potential partner countries outside the region.