Thai Enquirer
‘Ghost Investor’ haunts Thailand’s SEC regulators
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The Securities and Exchange Commission of Thailand (SEC) has come under scrutiny once again after a ‘Ghost’ investor has appeared to have just over 7% equity interest in True Corporation Plc (TRUE) which puts the investment to the tune of 32.50 billi
Key facts
- The filing, published in a Stock Exchange of Thailand summary of SEC Form 246-2 reports, stated that Supaporn acquired TRUE shares on June 15, 2026, equivalent to 3.2174% of total voting rights, raising her holding to 7.0992%.
- The story came to light after TRUE asked the SEC to verify a Form 246-2 filing that appeared to show Supaporn Phimpong acquiring a major stake in the telecom giant through UBS Group AG, turning what began as a mystery-shareholder story
- Since 2018, the exact same identity successfully logged massive ownership positions on the SEC portal in several of Thailand’s largest blue-chip companies, including a staggering 49% stake in GJS Steel, and over 5% positions in Bangkok
- Supaporn’s 7.1% stake in TRUE comes to 32.50 billion Baht (TRUE’s Market Capitalization is at 456.088 billion Baht).
- The issue took a new turn when local Thai language Khao Hoon undertook an investigation and found out that the same Suphaporn had in the past few years acquired stakes in various other companies to beyond the 5% mandatory filing
- Under Thai SEC rules, anyone acquiring or disposing shares beyond the 5% must report their acquisition or disposal of every share above the 5% of the listed shares of the firm.
Summary
The story came to light after TRUE asked the SEC to verify a Form 246-2 filing that appeared to show Supaporn Phimpong acquiring a major stake in the telecom giant through UBS Group AG, turning what began as a mystery-shareholder story into a wider test of Thailand’s market-disclosure system.
The filing, published in a Stock Exchange of Thailand summary of SEC Form 246-2 reports, stated that Supaporn acquired TRUE shares on June 15, 2026, equivalent to 3.2174% of total voting rights, raising her holding to 7.0992%.