BANGKOK, Oct 6 (Reuters) - Shares worth over $500 million in Thailand’s Siam Commercial Bank have been transferred on behalf of King Maha Vajiralongkorn from the Crown Property Bureau, which manages palace assets, a filing with Thailand’s Securities and Exchange Commission (SEC) said on Friday.
The filing by the Crown Property Bureau did not identify the ultimate beneficiary of the shares, nor did it indicate if any money had been paid for the shares. The transfer took place on Oct 2, the filing said.
The king has undertaken a reform of palace finances since taking the throne late last year after the death of his revered father. The Crown Property Bureau confirmed the transaction but declined comment on how the transfer fitted with the reform.
“It is his majesty’s private affair so I cannot comment further,” said an official of the Crown Property Bureau who declined to be named because of the sensitivity of anything to do with Thailand’s palace.
The bank, Thailand’s third-largest by assets, declined to comment.
The filing said that the shares transferred amounted to 3.33 percent of the total value of the bank. After the transfer, the Crown Property Bureau still had a holding of 18.14 percent, it said.
Based on the latest share price, the shares had a value of 16.9 billion baht ($505 million). ($1=33.44 baht) (Writing by Matthew Tostevin; Editing by Neil Fullick)