On February 13, Gulf Development Public Company Limited (SET: GULF) officially reported its acquisition of additional shares in Kasikornbank Public Company Limited (SET: KBANK) through a Form 246-2 filing with the Securities and Exchange Commission of Thailand (SEC). Following the transaction, GULF’s shareholding in KBANK surged from 4.53% in September 2025 to 10.0298%, marking an increase of more than double within five months.
In response to public concerns about regulatory compliance, Wipawin Promboon, Assistant Governor of the Financial Institutions Policy Group at the Bank of Thailand (BOT), clarified that the calculation methods for shareholding percentages differ between the SEC and the BOT.
According to Wipawin, the SEC excludes KBANK’s treasury stock—shares that have been repurchased but not cancelled—from its shareholding base, leading to a higher reported percentage. In contrast, the BOT bases its calculation on all outstanding shares, including those held as treasury stock.
Under the BOT’s method, GULF’s holding in KBANK remains below the 10% threshold. The company had previously notified the BOT when its shareholding exceeded 5% of all issued shares, in accordance with regulatory requirements.
According to the Financial Institution Business Act, investors wishing to acquire more than 10% of a financial institution’s total issued shares must obtain prior approval from the BOT. This regulation is in place to prevent any single entity from gaining dominant influence over a financial institution without regulatory oversight.
The BOT only allows shareholding above 10% in exceptional cases, such as when such an investment strengthens the stability or capacity of the financial institution, contributes to overall systemic stability, or when state agencies acquire shares for investment purposes.
