ING Bank N.V. has initiated a significant divestment of its holdings in TMBThanachart Bank (SET: TTB) through a massive big lot sale valued at approximately US$500 million, according to the source. The offering involves roughly 6,149.2 million shares, representing approximately 6.3% of the bank’s total shares.
The offering price is set between 2.64 and 2.70 THB per share, which reflects a substantial discount of 6.8% to 8.9% from the recent closing price of 2.90 THB. Following the transaction, ING Bank will be subject to a 90-day lock-up period. The minimum order for the offering is set at 8 million shares.
This latest divestment follows a period of market speculation regarding TTB’s recent share buyback program. Concerns were raised that the bank’s decision to conduct the buyback via a “General Offer” (GO)—a fixed-price standing offer—was specifically designed to benefit ING Group, a major shareholder.
Unlike the standard “Auto Matching” method on the stock exchange, where buyers and sellers remain anonymous, a General Offer allows for a locked price, which was previously set at 2.26 THB per share. Market analysts noted that this method provided ING with price certainty for a large volume of shares, avoiding the price fluctuations and risks associated with selling such a significant stake on the open market. There were rumors that ING had been seeking to exit its investment but was waiting for a more favorable valuation.
In response to these concerns, TTB CEO Piti Tantakasem recently clarified the bank’s position, announcing that the bank’s fourth share buyback phase was 100% successful. The bank reached its 21,000 million THB buyback target a full year ahead of schedule, reflecting efficient capital management.
Regarding ING’s involvement, the bank explained that ING’s decision to sell shares back to TTB in June was part of ING’s own capital management and portfolio strategy. Even after the recent transactions, ING remains a major shareholder with a 17.50% stake, according to data compiled by LSEG, and maintains its long-term partnership with TTB.
The bank maintains that the buyback program is primarily aimed at increasing shareholder returns and managing excess capital effectively during volatile market conditions.
