ING Bank N.V., the second-largest shareholder of TMBThanachart Bank, is proceeding with a private placement of TTB shares to institutional investors worth approximately €475 million, or about 16 billion baht, representing 6.3% of total shares. The offer price is 2.64 to 2.70 baht per share, about 6.9% to 9.0% below the pre-deal closing price of 2.90 baht. After settlement, expected to be completed on 21 August 2026, ING's shareholding will fall from 19.5% to 11.6%, calculated on shares outstanding excluding treasury stock. TTB said the sale is directly part of ING's investment portfolio management and does not affect management structure, operations, core strategy, or business independence. Most brokers view the deal as pressuring the share price in the short term but not affecting fundamentals. Aira Securities recommends buying on weakness with a target price of 2.58 baht. Kasikorn Securities maintains a hold rating with a target price of 2.81 baht. Finansia Syrus maintains a buy rating with a target price of 3.05 baht. TTB still has about 14 billion baht remaining under its share buyback programme, out of a total of 35 billion baht for 2025 to 2028, which may help cushion pressure from excess shares in the market.
TMBThanachart Bank Public Company LimitedING sells 6.3% stake at discount, pressuring share price short-term
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