Skip to Content
Global News Select

Gulf Energy Makes Over $5 Billion Offer for Intouch Holdings — Update

   By P.R. Venkat 

Gulf Energy Development Ltd., owned by a Thai billionaire, has made an over $5 billion offer to buy shares it doesn't already own in one of Thailand's largest telecommunications company.

The energy company, which currently holds a close to 19% stake in Intouch Holdings PCL, has offered to buy the remaining shares for total consideration of 168.98 billion baht ($5.42 billion), Gulf Energy said in a filing on Monday.

If the offer is successful, it will trigger a mandatory offer by Gulf Energy for Advanced Info Service PCL, another telecommunications company. Intouch Holdings has an over 40% stake in Advanced Info Service.

In a separate statement, Intouch's largest shareholder Singapore Telecommunications Ltd. said it views its stakes in the two companies as strategic investments and believed in the long-term outlook of the businesses.

It said that it was reviewing its strategic options to ensure that shareholders of the two companies get "full benefit of the intrinsic value of the businesses."

Apart from telecommunications, Intouch also operates in the media, technology and digital businesses. Advanced Info provides mobile, fixed broadband and digital services across Thailand.

The two companies have the potential to generate cash flow as they are leaders in businesses relating to telecom infrastructure in the country, Gulf Energy said.

"Such businesses have high growth potential and the company is confident that such investments will continuously generate returns for the company in the long run," it said.

Owned by Chief Executive Sarath Ratnavadi, Gulf Energy operates across segments including power generation, renewable energy and infrastructure and utilities.

According to Forbes, Mr. Ratnavadi has a net worth of $8.4 billion, making him the fifth-richest person in Thailand.


Write to P.R. Venkat at


(END) Dow Jones Newswires

April 19, 2021 01:38 ET (05:38 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.