By law the foreign party can hold no more than 49%. Currently under Thai law, Kingsgate only holds 49% of Akara, with Nucharee owning the remaining 51%. Nucharee has preference shares, which means she doesn't have control or full economic benefit. I'm not at all an expert in how the corporate structure works, maybe someone else here can explain what Nucharee gets out of the exchange. I agree that we'd want to maintain control, how we would do that if we were bought out partly out by some wealthy Thais, I'm not sure.
I should add that the failed IPO happened just before we started having issues extending our mineral processing licence.
Local News, page-318
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