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 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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