Mystery Thai investor’s near $1.3 billion True stake sparks probe

Mystery Thai investor’s near $1.3 billion True stake sparks probeSign up now: Get ST's newsletters delivered to your inboxThailand’s market regulator is probing Supaporn Pimphong’s claim that she owns a 7.1 per cent stake in the telecom giant.

PHOTO: REUTERSPublished Jul 07, 2026, 01:23 PMUpdated Jul 07, 2026, 01:23 PMSet as preferred sourceListenBANGKOK - Thailand’s market regulator is probing the sudden emergence of an individual shareholder who has amassed nearly US$1 billion (S$1.3 billion) worth of shares in True Corp., making her one of the telecom giant’s largest shareholders.

The Securities and Exchange Commission has ordered a swift review of Supaporn Pimphong’s claim that she owns a 7.1 per cent stake in the form of common and preferred shares in Bangkok-based True. The regulator plans to seek additional information and clarification from the relevant parties in accordance with applicable procedures, the agency said in a statement late on July 6.

Supaporn increased her stake in True from 3.9 per cent earlier by acquiring shares through an international broker, she said in a regulatory filing last week. Her investment would be worth about 32 billion baht (S$1.

2 million) at True’s closing price on July 6. True is backed by Charoen Pokphand Group, one of Thailand’s biggest conglomerates, and is the number two mobile phone service provider. In January, Arise Digital Technology, controlled by True Chairman Suphachai Chearavanont bought about a 25 per cent stake in the company from Norwy’s Telenor for 39 billion kroner (S$5.

billion), with an option to acquire an additional 5.35 per cent in two years. Some details in Supaporn’s filing appear to be inaccurate, True said in a statement, noting that the company has never issued preference shares to the public and currently has no preference shares outstanding.

The company has notified the SEC of the discrepancy, it said.The Thai regulator has warned of strict legal actions if its probe finds any breaches of applicable regulations. True said Supaporn’s disclosure regarding her increased stake was marked as preliminary, indicating that the information is incomplete and remains under review.

Separately, Charoen Pokphand Group on July 6 completed the sale of a 10% stake in True through a series of transactions, according to a statement. Most of the stake was sold to UBS Group, according to company filings. True’s shares fell as much as 1.

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