Inheritance boosts Chanin’s stake to 52.12%, tightening Dusit control

Dusit Thani Public Company Limited (DUSIT) has reported changes to the shareholding structure of Chanut & Children Co Ltd (“Chanut & Children”), a major shareholder of the company that holds 49.74% of Dusit’s total issued shares, as follows:

On 28 January 2026, Chanin Donavanik, the company’s acting chairman and group chief executive officer (“Chanin”), received an inheritance of 379,500 shares in Chanut & Children, representing 5.05% of Chanat & Children’s total issued shares, from the estate of Thanpuying Chanut Piyaoui.

Following the transfer, Chanin’s holding in Chanut & Children rose to 52.12% of Chanut & Children’s total issued shares. As a result, his shareholding in Chanut & Children exceeded 50% of the total voting rights in Chanut & Children.

This is deemed to constitute an acquisition of control in Chanut & Children, which is a major shareholder of Dusit, under the criteria for obtaining “significant control” of a juristic person that already holds shares in the company (the “Chain Principle”).

However, the acquisition of control in Chanut & Children is exempt from the obligation to make a tender offer for Dusit’s securities under Clause 9(1) of the Capital Market Supervisory Board Notification TorJor 12/2554 on the rules, conditions and procedures for the acquisition of securities for business takeover (as amended), as the shares were acquired through inheritance.

Chanin has already submitted the required report of acquisition or disposal of securities (Form 246-2) to the Securities and Exchange Commission, Thailand.

On 29 January 2026, Sunong Salirathavibhaga (“Sunong”) purchased 2,005,065 shares in Chanut & Children, representing 26.66% of Chanut & Children’s total issued shares, from Sinee Thienprasiddhi.

Following the purchase, Sunong’s holding in Chanut & Children rose to 46.62% of Chanut & Children’s total issued shares, resulting in her shareholding exceeding 30% of the total voting rights.

Chanut & Children therefore became a “juristic person” under Section 258 of the Securities and Exchange Act B.E. 2535 (1992) (as amended) in relation to Sunong. However, the purchase does not meet the criteria that would require Sunong to make a tender offer for Dusit’s securities under the Chain Principle or any other relevant securities law.

Sunong has already submitted the required report on the acquisition of a juristic person under Section 258 (Form 246-2) to the SEC.

The company stated that neither Chanin nor Sunong acquired any additional shares in Dusit directly. As a result, the shareholding proportion of the major shareholder in Dusit remains unchanged.

The change in shareholding proportions within Chanut & Children, as a major shareholder of the company, has no impact on Dusit’s business operations policy, management structure, or administration.