GULF Extends to Bt38.25 in Anticipation of Surging 3Q Earnings from INTUCH’s Dividend

The share price of Gulf Energy Development Public Company Limited (GULF) rose ฿1.00/share or 2.68% to ฿38.25/share with a trading value of 1,809 million baht at the closing of the morning session on August 9, 2021.

 

GULF gained ฿4.50/share or 13.33% in four days with a trading value of around 1-3 billion baht, which was much higher than a trading value of around 200-400 million baht.

 

GULF has been overwhelmed by a buying pressure for four straight days in an anticipation of recording higher profit in 3Q21 from a dividend payment from Intouch Holdings Public Company Limited (INTUCH) that the company recently acquired additional shareholding proportions from the tender offer, resulting in a 42.25% shareholding stake in the holding company.

 

On August 4, 2021, INTUCH announced an interim dividend payment of Bt1.23 per share from the operating results for the six-month period ended June 30, 2021. This payment date will be paid on September 2, 2021.

 

Meanwhile, GULF completed the tender offer for INTUCH on August 4, 2021, announcing that the company had accumulated INTUCH’s shares in a total of 1,354,752,952 shares, which is equivalent to 42.25% shareholding stake. This would result in a record of THB 1.67 billion as dividend income for GULF.