GULF Rebounds 7% to Bt34.50 after Affirming of No Capital Increase to Tender INTUCH

The share price of GULF jumped ฿2.25/share or 6.98% to ฿34.50/share as of 10:20 local time in Thailand on April 20, 2021, a day after the announcement of a tender offer on INTUCH that caused concerns over the source of funds for this acquisition.

 

Yesterday, GULF ’s share price fell ฿0.50/share or 1.53% to ฿32.25/share after the announcement that the company was expecting to make a tender offer for Intouch Holdings Public Company Limited (INTUCH) at Bt65.00 per share and Advanced Info Service Public Company Limited (ADVANC) at Bt122.86 per share after the acquisition of over 50% of INTUCH. However, the company expected to opt out in purchasing Thaicom Public Company Limited (THCOM) shares.

 

Mr. Smith Banomyong, Chief of Asset Management and Investment of GULF, stated that the company has the funds to fulfill this acquisition without the requirement for a capital increase, adding that financial institutions are proposing an increase in credit limit. The company expected that the whole total acquisition value of INTUCH would be around 169 billion baht.