The company's existing shareholders' ownership in the company was diluted to 10 per cent and Keeree's direct stake in the firm he founded was reduced to a mere 0.75 per cent after the share allocation, according to a filing with the Stock Exchange of Thailand (SET).

Of the 4.8 billion shares Tanayong issued, 4.27 billion were sold for Bt0.50 apiece to two new shareholders: Crossventure Holdings and K2J Holding. The rest were allocated to 43 creditors through a debt-to-equity swap scheme as part of the company's business rehabilitation plan.

The Bt2.1-billion the company raised will be used to pay off Tanayong debts in the next 60 days.

K2J stake in Tanayong is 37.50 per cent. K2J is owned by Excel Pacific Group, which in turn is owned by Keeree and his partners. As a result, he and his partners now hold a 38.25-per-cent stake in Tanayong,.

Crossventure Holdings now holds 42.5 per cent and Tanayong's creditors own 10 per cent.

Even though both firms' stakes exceed the 25 per cent shareholding threshold, the Securities and Exchange Commission waived laws requiring them to launch tender offers.

Crossventure Holdings, with registered capital of US$50,000 (Bt1.8 million), was created as the special purpose vehicle (SPV) to support the purchase of Tanayong's capital-increas shares by four or five foreign investors, who the company would not identify. Tanayong will reveal their names when the shares are transferred to them, according to the filing.