Thailand’s King Maha Vajiralongkorn Bodindradebayavarangkun has increased his stake in Siam Cement Group from 0.8 per cent to 30.8 per cent, and has become the top shareholder. King Vajiralongkorn took over all of the shares previously controlled by the Crown Property Bureau (CPB), an entity that manages royal assets, according to Nikkei.

The transfer will not result in any change to the operations of the company. Alongside Siam Cement, King Vajiralongkorn also assumed control over the CPB’s shares in Siam Commercial Bank.

According to a statement, the monarch intends to "contribute to the administration of the enterprises to ensure that they will continue to thrive and prosper for the future benefits of Thailand".