“Sarath” Emphasizes GULF’s Solid Business, Putting ฿23Bn in an Overscription of RO!

Mr. Sarath Ratanavadi, Chief Executive Officer of Gulf Energy Development Public Company Limited (GULF) has announced that he would input an additional of over 23 billion baht in an oversubscription as funding for its business expansions.

 

“The capital increase does not mean the company is seeking an escape route, but to boost the business expansion to seek more value during the coronavirus crisis that causes the value of global assets to become cheaper,” said Mr. Sarath.

 

Mr. Sarath made a comment regarding the transaction of the company’s shares from Asian Development Bank (ADB) to a placement, saying that he had not spoken with ADB, but he respected the rights of GULF’s shareholders.

In the meantime, Mr. Sarath was confident that the transaction was not related to the company’s fundamental evaluation as there were no negative factors in sight, while the company continued its expansions as planned. In addition, Mr. Sarath highly believed that GULF still has room to grow in the future.

Read More: GULF’s “Sarath” Respects ADB’s Rights, Affirming a Solid Growth and Business Plans.

 

Yesterday, GULF announced the resolutions of the Board of Directors’ Meeting No. 10/2020 held on July 23, 2020 to approve the increase of the registered capital of GULF by issuing 1,066,650,000 newly issued ordinary shares at the offering price of THB 30 per share.

The company stated that the objectives of the capital increase were to use the proceeds for investment in projects that are in the company’s plan.

Read More: GULF Expects to Raise ฿32Bn of Funds for More Big Projects in the Pipeline!

 

Later in the day, Gulf Energy Development Public Company Limited (GULF) has requested for proposal documents (RFP) from the Mass Rapid Transit Authority of Thailand for a joint venture for the MRT Orange Line Bang Khun Non-Min Buri (Suwinthawong), reported the source close to the matter.