Bangkok: Mr. Chanin Tonawanik, Group Chief Executive Officer and Acting Chairman of Dusit Thani Public Company Limited, issued a statement expressing his gratitude to minority shareholders for their support in protecting the company amid significant shareholder disputes.
According to Thai News Agency, Mr. Chanin clarified that following the completion of the first three agenda items at the Dusit Thani Extraordinary General Meeting of Shareholders held on September 26, 2025, the remaining items were postponed to December 4, 2025. He emphasized that the agenda concerning the removal of a director was proposed by a major shareholder, Chanut and Sons Co., Ltd., not by the current Board of Directors. The proposal was made under Section 100 of the Public Limited Companies Act B.E. 2535 (1992), which allows for an Extraordinary General Meeting to discuss such matters.
In the contentious third agenda item regarding the director’s removal, 425,356,690 shares were voted in favor. Notably, 422,821,310 of these shares belonged to Chanut and Sons Co., Ltd., while only 2,535,380 shares came from other individuals. This result indicates that the other shareholders, representing the majority of the 850 million registered shares, did not support the director’s premature removal.
The postponement of further discussions to December 4 is intended to protect minority shareholders’ interests. Complaints have been filed with the Securities and Exchange Commission and the Trade Competition Commission regarding actions that may be perceived as attempts to dominate the company’s business or create a monopoly. Mr. Chanin expressed concerns about the competitive overlap between Dusit Thani and Central Group, emphasizing the need for the company to maintain its independence to protect its competitive edge.
The meeting revealed that 86.9565% of the shareholders present and eligible to vote disapproved of the motion to remove Mr. Chanin, further solidifying his position and thanking the minority shareholders for their support. Mr. Chanin reiterated the Board’s commitment to navigating Dusit Thani through challenges, including the significant redevelopment of Dusit Thani Bangkok and the initiation of the “Dusit Central Park” project, which has been a significant milestone for the company.
Mr. Chanin concluded by highlighting the successful reopening of Dusit Thani Bangkok and the achievements of the Dusit Central Park project, including the high sales of Dusit Residences and the development of Dusit Arun, a green space for the community. He pledged to continue operating with transparency and good governance to ensure the company’s sustainable growth and uphold its legacy.