Thailand's securities industry is in the spotlight again after Webull, the Florida-based global digital investment platform, announced its nearly 3-billion-baht acquisition of Pi Securities, making a fast entry into the highly regulated capital market.
In a filing to the Stock Exchange of Thailand on Tuesday, Country Group Holdings (CGH) said the financial group is in the process of disposing of 1.58 billion shares, representing 90.98% of the total issued and paid-up shares of Pi Securities, along with 885,666 shares or 55.99% of Trader Co Ltd (TT) to Webull Holdings (Singapore) Pte (WBH).
The total value of the transaction is estimated at 2.865 billion baht. However, the agreed price is not final and remains subject to an adjustment if Pi's assets under management decline materially due to specified factors, excluding market volatility or general economic conditions, as defined in the share purchase agreement, Tommy Taechaubol, acting chairman and chief executive of CGH, said in the filing.
CGH's board of directors endorsed the proposed share disposal on Monday and the plan is subject to shareholder approval at the extraordinary general shareholders' meeting scheduled for July 14.
Pi Securities was formed in 2023 through a major rebranding of Country Group Securities under CGH group. The rebranding marked the company's transformation from a traditional brokerage into a financial technology company focused on digital investment platforms.
WBH is part of Webull Corporation, a global investment technology provider listed on the Nasdaq.
As of May 31, the Webull group had 28 million registered users and managed client assets worth more than 970 billion baht across 16 markets spanning North America, Asia-Pacific, Europe, Africa and Latin America.
The acquisition raised eyebrows in the sector because it provides Webull with an immediate, fully licensed infrastructure and an established local client base, instead of navigating the lengthy process of securing a greenfield digital brokerage licence in Thailand.
The transaction also underscores a major consolidation trend within Southeast Asia's retail fintech sector. Webull has aggressively expanded its footprint across Asia-Pacific, partly through its entities in Singapore, Japan and Australia.
The deal marks a major push into Southeast Asia, directly challenging incumbent local brokerages and regional digital rivals.
Chonladet Khemarattana, chief executive of Webull Securities, brushed aside the notion that the deal was driven because of Pi's securities licence.
"We didn't acquire Pi for its licence, as we already have one and have no need for a second. We made the acquisition to gain its talents and established customer base," he was quoted by Thairath Money.
While Webull's strength lies in US and other foreign stocks, Pi is known for its strong franchise in Thai equities and its leading position in the Thailand Futures Exchange, he noted.
Mr Tommy said CGH plans to utilise the proceeds from investment disposal in Pi and TT to support existing operations, investments and future expansion of the group into potential businesses including wellness.
The group has started construction of a wellness clinic that is expected to commence operations in the second half of this year.
CGH is also considering investment opportunities in the longevity retreat business and other health-related sectors, either via acquisition or co-investment with partners this year, depending on the results of feasibility studies and the progress of project condition negotiations, said Mr Tommy.
