Dusit heirs’ feud eases as Chanin buys sister’s stake

Dusit Thani Plc (DUSIT) has disclosed a share transaction in its major shareholder, Chanat & Sons Co., saying the move has raised the stake held by acting chairman and chief executive Chanin Donavanik in the holding company, while leaving Dusit Thani’s shareholder structure unchanged.

In a filing to the Stock Exchange of Thailand on December 30, 2025, Dusit Thani said Chanin had purchased 1.2 million shares in Chanat & Sons — equivalent to 15.96% — from his sister Sunong Salirathavibhaga. The purchase increases Chanin’s holding in Chanat & Sons to 41.36%.

Dusit Thani said its own shareholder structure remains unchanged. Chanin holds 526,000 shares in Dusit Thani, or 0.0618%, while Chanat & Sons holds 422 million shares, or 49.7436%. Together, Chanin and Chanat & Sons hold 49.8055% of Dusit Thani.

The disclosure follows a long-running dispute among heirs of Thanpuying Chanat Piyaoui. The rift pitted Chanin, the eldest heir, against two sisters — Sinee Thienprasiddhi and Sunong Salirathavibhaga.

In February 2025, the sisters combined their votes to remove Chanin from the board of Chanat & Sons, which is the largest shareholder in Dusit Thani, and sought to reduce his influence within Dusit Thani.

At that time, Chanat & Sons held around 49.47% of Dusit Thani, totalling 422 million shares. Within the holding company, the report said the sisters’ combined voting power exceeded Chanin’s, with Chanin’s group holding 25.4%, Sinee’s group 26.57%, Sunong’s group 21.62%, and the estate of Thanpuying Chanat Piyaoui holding 24.99%.

Market attention also focused on Central Pattana Plc (CPN), the second-largest shareholder in Dusit Thani with a 17.09% stake, amid questions over its relationship with Chanin’s sisters and efforts to place representatives on Dusit Thani’s board.

The dispute spilled into Dusit Thani’s shareholder meetings. An extraordinary general meeting on September 26, 2025 included an agenda item to remove Chanin from Dusit Thani’s board. Although 42 shareholders — including Chanat & Sons — supported the removal, representing 79.61% of total shares, the bid failed.

Under Thailand’s Public Limited Companies Act, removing a director requires a vote of no less than three-quarters of shareholders attending and eligible to vote. At that meeting, 420 shareholders opposed the removal, accounting for 89.9565% of attendees, meaning the resolution did not pass. Other proposed items — including changes to the number of directors, appointments of new directors and changes to directors’ authority — were not voted on.

The company later postponed another extraordinary shareholders’ meeting and scheduled it for February 6, 2026, citing the need for careful consideration and transparency, after minority shareholders filed complaints with the Securities and Exchange Commission and the Trade Competition Commission of Thailand. The complaints alleged actions that could amount to control of the company without a mandatory tender offer, and raised potential concerns over business combinations that could lead to monopoly power without regulatory approval.

The latest share purchase by Chanin from Sunong increases his stake in Chanat & Sons to 41.36%, making him the largest shareholder in the holding company. The report described the transaction as a step towards ending the family dispute, noting that Thanpuying Chanat had stipulated that shares in Chanat & Sons should not be sold to outsiders.