GULF to Proceed with Tender Offer on INTUCH and ADVANC on June 29

Gulf Energy Development Public Company Limited (GULF) has announced that the company will proceed with the tender offer for securities of INTUCH and ADVANC after receiving approvals from the Extraordinary General Meeting of Shareholders on June 25, 2021.

GULF announced that the resolution of the Extraordinary General Meeting of Shareholders on June 25, 2021, approved the investment in INTUCH and ADVANC.

 

The Meeting approved the investment in all ordinary shares in Intouch Holdings Public Company Limited (INTUCH) through the conditional voluntary tender offer and/or through trading on the Stock Exchange of Thailand or any other means, and the tender offer for all securities of Advanced Info Service Public Company Limited (ADVANC) with approval of 10,552,206,913 votes, equivalent to 99.7374 of voting rights.

The company is expecting to make a tender offer for INTUCH at Bt65.00 per share and ADVANC at Bt120.93 per share.

GULF stated that INTUCH, as a holding company, has the potential to generate cash flow for the company from INTUCH’s investments in leading companies in telecommunications infrastructure-related businesses in Thailand which have high growth potential. The company is confident that such investments will generate sustainable and long-term returns in terms of dividends for the company.

On June 28, 2021, GULF made an official announcement that the company has considered and deemed appropriate that such conditions precedent are now satisfied, and the company is ready to conduct the Tender Offers for Securities of INTUCH and ADVANC.

The company will submit the tender offer documents for the Tender Offers for Securities of INTUCH and ADVANC to the Office of the Securities and Exchange Commissionon June 28, 2021 and will commence the tender offers in respect of the two companies concurrently on June 29, 2021.