GULF Expects to Acquire All Shares in INTUCH by 4 Aug. with Nearly 30% Stake on Hand
GULF stated that the company expects to complete the tender offer of INTUCH by August 4 and ADVANC by August 13.
Gulf Energy Development Public Company Limited (GULF) stated that on July 29, 2021, the company, as the offeror of the tender offer for all of the remaining securities of Intouch Holdings Public Company Limited (INTUCH) and Advanced Info Service Public Company Limited (ADVANC), has already submitted the Report on the Preliminary Result of Tender Offer for the Securities of INTUCH (Form 247-6-Khor) to the Office of the Securities and Exchange Commission. The details of which are set out in the enclosure.
GULF (the Offeror) stated that it made the conditional voluntary tender offer for securities of Intouch Holdings Public Company Limited (the Business) in the number of 2,599,720,233 shares, representing 81.07% of the total issued and paid-up shares in the Business and 81.07% of the total voting rights in the Business (which does not include 606,878,314 shares in the Business held by the Offeror, representing 18.93% of the issued and paid-up shares in the Business) with the tender offer period of 25 business days from 29 June 2021 to 4 August 2021.
GULF holds 28.85% of INTUCH shares prior to the Tender Offer and shares tendered.
Additionally, GULF also made the voluntary tender offer for securities of Advanced Info Service Public Company Limited (the Business) in the number of 2,973,925,791 shares, representing 100.00% of the total issued and paid-up shares in the Business and 100.00% of the total voting rights in the Business with the tender offer period of 31 business days from 29 June 2021 to 13 August 2021.
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.