Thai regulator probes mystery US$960 million stake in True Corp

Thailand's Securities and Exchange Commission has opened a review of Supaporn Pimphong's reported 7.1% stake in True Corporation, a holding worth about 32 billion baht, or roughly US$960 million, based on Monday's close. The probe followed a filing last week showing Supaporn raised her interest from 3.9% by buying shares through an international broker. True said parts of the disclosure appear inaccurate, including a reference to preferred shares even though the company said it has never issued any to the public and has none outstanding. The telecom group, backed by Charoen Pokphand Group and ranked No. 2 in Thailand's mobile market, said the filing was preliminary and under review. Shares fell as much as 1.5% Tuesday.