Bank of Thailand Clarifies Gulf's Kasikornbank Shareholding: Less Than 10%

Ms. Wipawan Promboon, Assistant Governor of Financial Institution Policy, Bank of Thailand (BOT), clarified that Gulf's reported 10.03% shareholding in Kasikornbank (KBank) has different calculation methods between the Securities and Exchange Commission (SEC) and BOT. The SEC subtracts treasury stock from calculation, while BOT calculates based on total issued shares. Under BOT criteria, Gulf's shareholding is less than 10% and the company has already reported its shareholding when it reached 5% of total issued shares. According to the Financial Business Act, shareholding exceeding 10% requires prior BOT authorization to prevent corporate control. However, BOT allows over 10% ownership only in specific cases such as increasing financial institution stability, maintaining overall financial system stability, or for state agencies' investment returns.