Thailand’s Securities and Exchange Commission (SEC) is conducting an in-depth review into Supaporn Pimpong's reported acquisition of a substantial stake in True Corporation (TRUE). A regulatory filing on July 2 stated that Pimpong acquired an additional 3.2174% of TRUE on June 15, bringing her total reported holding to 7.0992% of the company’s voting rights. This significant and unexpected stake, potentially valued at tens of billions of baht (nearly $1.3 billion), has drawn scrutiny from the market and True Corporation itself.
True Corporation has questioned the accuracy of the filing, particularly noting that part of the reported holding was in preferred shares, which the company states it has never issued to the public nor has outstanding. True has officially requested the SEC to verify the facts, stating that the data in the SEC’s Form 246-2 system was preliminary and possibly incomplete. The company has informed the SEC of this discrepancy but also stated that the matter is not expected to significantly impact its business operations.
The SEC’s review was also prompted by the fact that the name Supaporn Pimpong has appeared in regulatory filings for several other major listed companies since 2021, including MAJOR, GJS, BBL, AAV, and KBANK, with reported stakes as high as 80% in GJS and 9.99% in MAJOR. This pattern has led investors to question the investor's identity, the source of these large holdings, and whether the submitted data aligns with company records. The SEC is reviewing the accuracy of all acquisition and disposal information submitted in these cases and has warned of strict legal actions if any breaches of applicable regulations are found.
The SEC emphasizes that Section 246 of the Securities and Exchange Act requires investors to report the acquisition or disposal of securities within three business days if their holdings reach or cross every 5% threshold of total voting rights. This rule is designed to ensure timely disclosure of information about changes in control, which is crucial for investment decisions. The SEC confirmed that the filer had registered and undergone initial verification against the civil registration database when submitting the Form 246-2 report.
