True (BKK:TRUE) said a shareholder disclosure reporting a 7.0992% stake in the Thai telecom operator remains under review by the Securities and Exchange Commission (SEC), after identifying inaccuracies in the filing.

In a filing to the Stock Exchange of Thailand on Monday, True said the Form 246-2 submitted on July 2 was marked as preliminary information and remains incomplete and/or under review. The company said the filing incorrectly referred to preference shares, noting it has never offered preference shares to the public and currently has no outstanding preference shares.

True said it has notified the SEC, which will verify the information with the individual who submitted the disclosure.

Meanwhile, Bloomberg News reported that the filing was made by investor Supaporn Pimphong, who disclosed last week that she had increased her holding in True to 7.0992% from 3.9% through purchases made via an international broker, valuing the stake at about 32 billion baht ($960 million). Bloomberg also reported the SEC has launched an expedited review and warned of legal action if any regulatory violations are found.

True did not immediately respond to MT Newswires' request for a comment.