The Securities and Exchange Commission (SEC) has disclosed a report on March 12, 2025, via Form 246-2 that Capital Asia Investments Pte Ltd. (CAI), a Singapore-based fund management company, has sold shares of Bangchak Corporation Public Company Limited (SET: BCP) through a Big Lot transaction amounting to 123,923,085 shares, representing 9% of the company’s total voting rights.
The sale took place on March 5, 2025, and was conducted through Maybank Securities (Thailand), selling to Thai NVDR Company Limited.
Following the sale of BCP shares by CAI, the number of shares held has decreased to 66,936,315 shares, or 4.8612% of the total voting rights, positioning CAI as the fourth-largest shareholder in the company.
The sales occurred after months of speculation whether the Singaporean investment fund is aiming to up its stake in Bangchak Corp, following several transactions it made to acquire the company in the past few months.
Prior to this sale of BCP shares on March 5, the SEC disclosed that CAI had acquired BCP shares through CGS-CIMB International Securities Singapore Pte. Ltd., purchasing 81,781,200 shares on December 20, 2024, representing 5.94% of the voting rights, and buying an additional 55,911,200 shares on December 30, 2024, representing 4.06%. This brought CAI’s total holdings to 137,692,400 shares, or about 10% of the total voting rights of the company.
