Thai power company Gulf Energy Development submitted tender offers valued at about THB528.6 billion ($16.5 billion) for AIS and its largest shareholder Intouch Holdings to the Stock Exchange of Thailand (SET).
The move to acquire 100 per cent of the shares in the two companies comes days after Gulf Energy Development’s shareholders approved a resolution to make conditional offers despite the SET rejecting a request to waive an obligation to bid for satellite service provider Thaicom.
Intouch owns a 41.1 per cent stake in Thaicom.
Gulf Energy Development offered THB359.6 billion for AIS and THB169 billion for Intouch. The offers are valid until 4 August and 13 August respectively, and won’t be extended, subject to specific conditions, it stated in a stock market filing.
Earlier this month, Gulf Energy Development’s board voted to consider making an offer to acquire AIS and proceed with a previous plan to purchase Intouch, which holds a 40.45 per cent stake in the operator. The power company accumulated a near 19 per cent stake in Intouch.
Singapore-headquartered Singtel holds about a 23 per cent interest in AIS.Subscribe to our daily newsletter Back