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.
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