TVD Holdings PCL

Existing shareholders of TVD Holdings Public Company Limited, or TVDH, have begun exercising their rights to subscribe for new shares under a capital increase plan that raises registered capital to 1.56717 billion baht. The company is issuing 1.16293 billion new shares, of which 525.71 million are offered to existing shareholders at a ratio of 10 existing shares for 3 new shares at a price of 0.05 baht per share, and another 637.22 million shares are reserved for the exercise of TVDH-W6 warrants. Jiraporn Pinijnorachai exercised rights to subscribe for 190 million new shares at an average price of 0.05 baht per share, for a total value of 9.50 million baht, increasing her holding to 200 million shares or 8.87%, making her the third-largest shareholder, up from just 10 million shares or 0.57%. Meanwhile, Varot Norkaew exercised rights to subscribe for 257.76 million new shares at an average price of 0.05 baht per share, for a total value of 12.88 million baht, increasing his holding to 436.26 million shares or 19.1503%, securing the top shareholder position. Both individuals exercised rights in excess of the entitlements they received based on their original shareholding proportions, raising suspicions that they may have exercised rights on behalf of other shareholders who waived theirs. There has been no report of rights exercise by Vichai Thongtaeng, the former largest shareholder who held a 9.06% stake.