The financial arm of Thailand's ultra-rich monarchy has transferred bank shares worth more than $500 million on behalf of King Maha Vajiralongkorn, according to the Securities and Exchange Commission (SEC). The SEC filing said the Crown Property Bureau, which manages the multi-billion dollar assets of the royal family, had reduced its shares in Siam Commercial Bank by 3.33 percent on October 2.
That stake is worth 16.9 billion baht ($505 million) based on Friday's closing share price of 151 baht. The beneficiary of the shares was not specified but the move was carried out on the King's behalf, the filing said. The CPB, who now has a 18.14 percent stake in the bank, did not immediately respond to requests for comment.
The opaque agency does not declare its wealth but analysts estimate it manages between $30-60 billion in assets, making Thai royals among the richest in the world. The CPB's financial portfolio ranges from massive property ownership to investments in major companies, such as Siam Commercial Bank and Siam Cement Company.
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