The free float of a listed security is the proportion of shares available for purchase in the market by investors. In principal, it is that part of shares not held by strategic shareholders and not held as treasury stock. The Information and Communication Technology Department of the SEC defines strategic shareholders and estimates the free float under a set of guidelines, which are detailed in the section below. Listed companies of which ownership structures have changed significantly may contact the Information and Communication Technology Department at (webmaster@sec.or.th) for free float adjustment.

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Free Float Estimation Guidelines

1. Free float is the proportion of shares not held by strategic shareholders and not reacquired by the issuing company. Strategic shareholders are holders of shares for the purpose of company management or for business strategy. The following shareholders are considered as strategic shareholders:
1) Board members, managers or officials on the top four positions ranking down from the manager, including their related persons
2) Shareholders that hold shares in the proportion of more than 5%, with exception to the following groups of shareholders: securities companies, life-insurance companies, insurance companies, mutual funds, and contractual saving funds
3) Shareholders who have controlling power of the company

2. free float is estimated from the company's shareholder register as of the latest registered book closing date for general meeting in each year and is adjusted for subsequent changes in ownership structure as follows:
1) Newly issued shares offered through public offerings, and shares issued for warrant exercise, preferred stock / debenture conversion, are classified as free float.
2) Newly issued shares offered through private placements are classified as shares held by strategic shareholders.
3) Changes in management's shareholdings as reported in Form 59-2.
4) In case of strategic shareholders selling their shares through public offerings, these shares will be counted as free float.
5) In case of treasury stocks, if a listed company buys its shares back, free float will decrease and vice versa.

3. Sources of information used for free float estimation are from SET SMART database, the Stock Exchange of Thailand, except report of Form 59-2, which is from the Office of the Securities and Exchange Commission.