Dragon One, a software developer, announced in a filing with the Stock Exchange of Thailand yesterday that the company sold the newly issued shares at a price of Bt2.21 - well below the market price of Bt2.46 at the market's close.

Following the share allocation, Bunprasit will hold 23.53 per cent of Dragon One, second only after Jrarat Pingclasai, whose stake was diluted from 74.62 per cent to 57.1 per cent.

Jrarat is Dragon One's president and chief executive officer.

Dragon One said Bunprasit has nothing to do with the company or its executives.

Bunprasit has abundant experience in the information technology business. He worked with IBM (Thailand) before founding Business Application, where he's the managing director.

Before the Bt40-million share sale to Bunprasit,

the company allotted 130 million shares to its existing shareholders at the ratio of one new share for every share held.

The proceeds raised have been used to increase the company's working capital and to serve future expansion.

Dragon One was renamed from Diana Department Store after Jrarat took over the company last month.