Supaporn Pimphong claims to own a 7.1% stake in True Corporation valued at approximately US$960 million to US$1 billion, acquired through common and preferred shares, according to multiple sources [1, 2, 3, 4, 5]. Her latest share purchase was made on June 15, 2026, via an international broker, increasing her holding from 3.9% to 7.1% [1, 4, 5].
Thailand’s Securities and Exchange Commission (SEC) has ordered a swift review and launched a probe into the accuracy and consistency of Supaporn’s shareholding disclosures due to reported irregularities [1, 2, 3, 4, 5]. The SEC warned it could take strict legal action if violations of securities regulations are confirmed. Finance Minister Ekniti Nitithanprapas urged transparency, saying, "I have instructed the SEC secretary general to expedite the review of the shareholding disclosures involving Supaporn. The matter must be handled transparently because it affects investor confidence and also the credibility of the SEC" [4].
True Corporation has stated some details in Supaporn’s filings are inaccurate. The company noted it has never issued preference shares to the public and currently has no outstanding preference shares, contradicting Supaporn’s claim regarding share types [1, 2, 3, 4, 5]. Additionally, reports indicate possible false information in Supaporn’s disclosures, including inconsistencies with shareholder registrations and filings with other listed firms [4].
True Corporation is Thailand’s second-largest mobile operator and is backed by the Charoen Pokphand Group [1, 2, 3, 5]. Earlier this year, in January 2026, Arise Digital Technology, controlled by True’s chairman Suphachai Chearavanont, acquired a roughly 25% stake in True from Norway’s Telenor ASA for about US$3.9 billion, with an option to buy an extra 5.35% within two years [1, 2, 3, 5].
Separately, Charoen Pokphand Group sold a 10% stake in True Corp in early July 2026, mainly to UBS Group AG [1, 2, 3, 5]. Following these transactions, True’s shares fell as much as 1.5% on July 5, trimming the stock’s 2026 gains to 18% [1, 2, 3, 5].
Supaporn filed an updated shareholding disclosure with the SEC on July 2, 2026, before the regulator announced its probe on July 6 [2, 3, 4, 5]. The SEC’s investigation will determine if Supaporn’s shareholding reporting breached regulatory requirements. The agency has set no public deadline but is under pressure to complete its review rapidly given the recent market and regulatory attention.
