/bin/sh on AIX is usually ksh but your syntax on the first line is still wrong as Eric points out. The "do" comes after the first semicolon.
Another point is the read wants all the values on one line. From your post, it looks like you want separate lines for each input value? e.g.
while [[ $NUM -lt 2 ]] ; do
read VG
read LP
read SAP
read NUM
read SID
.
.
.
done
The original would be used as:
script_name
1 2 3 4 5 # would read all five values for the first run
6 7 8 9 10 # a new set of five values for the second run
...
But you might be wanting to use it as:
script_name
1 # the value for VG on the first run
2 # the value of LP for the first run
....