Rumors Say BBL Takes Profit of ฿116.5/Share by Selling GULF to Add Up for “Permata” Deal

On December 17, 2019, a reporter has stated that there was a rumor regarding the plummet of Gulf Energy Development Public Company Limited (GULF)’s share prices in yesterday’s trading session was due to the selloff from Bangkok Bank Public Company Limited (BBL), GULF’s 9th major shareholders with 47,500,000 shares of 2.23% of GULF’s total shares (as of May 3, 2019).

The rumor has it that the reason of this selloff from BBL was to use as a payment for the takeover in PT Bank Permata Tbk in which BBL required around 81 billion baht for this transaction.

 

According to the research of “Kaohoon Online”, BBL had purchased 64 million shares of GULF’s IPO at ฿45.00/share, totaling 2.88 billion baht. Which would mean that BBL earned profit from selling GULF’s shares at ฿116.50/share, using the closing price of yesterday’s session at ฿161.50/share. If BBL sold all of its remaining shares (47.5 million shares) in GULF, the bank would earn a total of 5.48 billion baht in profit.