Sabuy Technology’s Founder Cuts 16% of Shareholding in over a Month

Chookiat Rujanapornpajee, founder and former CEO of Sabuy Technology Public Company Limited (SET: SABUY), is reducing his shareholding in the company at a fast pace as the share price continues to record a new low.

The latest cut came yesterday after the former CEO submitted a filing to the SEC, stating that he had sold another 2.3328% of SABUY to Ithichai Poolvaraluck, the owner of the Hyatt Regency Koh Samui and the founder of Lockbox Group.

Mr. Chookiat had reduced his shareholding in SABUY from 24.2238% in early April 2024 to 8.3743% after the transaction with Ithichai, a whopping 15.8% in over a month.


Waves of criticism came in April, following the transaction that saw him selling his 1.7% shareholding to Miss Grand International Public Company Limited (mai: MGI). He then abruptly resigned from the CEO position and gave the spot to MGI’s CEO Mr. Nawat Itsaragrisil to become a Vice Chairman of the Executive Committee of the company, who later appointed another director to hold the position with just 1.70% shareholding in the company.

The share price of SABUY plunged 43% in April, dropping from THB4.40 to THB2.50 per share. The current trading price is THB1.82 per share as of May 16, 2024, a sharp drop of nearly 1,500% from its all-time high of THB29.01 per share in January 2022.


In April, SABUY announced that during the board meeting, a resolution was passed to propose at the Extraordinary General Meeting of Shareholders to consider approving an increase in the company’s registered capital by up to 2,510,000,000 Baht from the original registered capital of 2,061,370,366 Baht.

The company stated that it was seeking a strategic shareholder to increase its liquidity.

SABUY plans to issue a private placement at a price of 2.30 Baht per share, with 1,200,000,000 additional common shares allocated to Lightnet Pte. Ltd and 100,000,000 additional common shares allocated to Mr. Anonchai Veeraprawat, who currently holds the second-largest stake of SABUY at 8.10%.

Lightnet Pte. Ltd. is a financial technology company based in Singapore with licenses to operate in several countries worldwide, focusing on providing cross-border payment and money transfer services.

As of February 28, 2024, significant shareholders of Lightnet include Mr. Chatchaval Jiaravanon and Mr. Tridbodi Arunanondchai, holding 69.54% and 12.09% of Lightnet, respectively.


It remains to be seen if the true motive of the founder is discarding the business or trying to bring in strategic partners to the company.