Supaporn Pimphong, an individual investor with no public financial background, has acquired a 7.1% stake in True Corporation PCL, Thailand's third-largest telecom company, through a block trade executed by UBS Group AG. This acquisition, valued at over 30 billion baht (approximately $817 million USD based on a price of 14.70 baht per share), makes Pimphong a major shareholder in True. The transaction, which increased her stake from 3.88% to 7.0992% on June 15, 2026, has raised concerns within the Thai financial markets due to the substantial size of the investment and the investor's anonymity.
The Securities and Exchange Commission (SEC) of Thailand is currently investigating the filing, which was submitted as a "Preliminary Version" and generated doubts from True Corporation itself. True requested the SEC to verify the transaction, questioning its accuracy and whether it truly occurred as stated. This incident has put Thailand's capital market disclosure framework under scrutiny, with market observers questioning the effectiveness of the system in verifying significant shareholder disclosures promptly.
Adding to the complexity, Supaporn Pimphong's name has reportedly appeared in Form 246-2 submissions for at least six other listed companies since 2018, including KBANK, AAV, BBL, GLS, and MAJOR, with several of these previous filings also leading to disputes or questions. The involvement of UBS Group AG, which is also registered as True's 7th largest shareholder with a 3.71% stake, further complicates the situation. The ongoing probe will examine whether the shares were genuinely acquired, if Pimphong acted solely in a personal capacity, and if any ultimate beneficial owner is behind the holding. This case is seen as a crucial test for the credibility and responsiveness of Thailand's regulatory disclosure system.
