By Reuters Staff
1 Min Read
BANGKOK, April 19 (Reuters) - Thailand’s Gulf Energy Development Pcl is planning a $5.4 billion bid to buy all the shares it does not own in telecoms firm Intouch Holdings , which controls the country’s biggest mobile operator.
Bangkok-based Gulf Energy, which owns 18.93% of Intouch, said in a filing it had offered to buy the rest of the shares for 65 baht per share, 11% higher than its previous close. That would cost it some 169 billion baht ($5.4 billion).
Intouch shares rose by more than 8% on Monday following the news, while Gulf Energy, which is led by billionaire Sarath Ratanavadi, saw its stock decline by around 3% to its lowest level since early November. ($1 = 31.2300 baht) (Reporting by Patpicha Tanakasempipat; Editing by Edwina Gibbs)
Article content
BANGKOK Thailand’s Gulf Energy Development Pcl is planning a $5.4 billion buyout of Intouch Holdings which controls the country’s biggest mobile operator Advanced Info Service Pcl (AIS) .
Bangkok-based Gulf Energy, which owns 18.9% of Intouch, said in a filing it had offered to buy the rest of the shares for 65 baht per share, 11% higher than its previous close.
We apologize, but this video has failed to load.
Try refreshing your browser, or Thailand s Gulf Energy plans $5.4 bln bid for control of nation s biggest mobile operator Back to video
If Gulf is able to secure at least 50% of Intouch, it will also offer to buy out AIS, it said in a statement. Intouch owns 40.45% of AIS.
BANGKOK (Reuters) - Thailand s Gulf Energy Development Pcl is planning a US$5.4 billion buyout of Intouch Holdings which controls the country s biggest mobile operator Advanced Info Service Pcl (AIS) .
Bangkok-based Gulf Energy, which owns 18.9% of Intouch, said in a filing it had offered to buy the rest of the shares for 65 baht per share, 11% higher than its previous close.
If Gulf is able to secure at least 50% of Intouch, it will also offer to buy out AIS, it said in a statement. Intouch owns 40.45% of AIS.
Intouch, it said, had high potential to generate cash flow given AIS growth potential and would generate returns in the form of dividends regularly and continuously over the long term.
By Syndicated Content
By Patpicha Tanakasempipat
BANGKOK (Reuters) - Thailand s Gulf Energy Development Pcl is planning a $5.4 billion buyout of Intouch Holdings which controls the country s biggest mobile operator Advanced Info Service Pcl (AIS).
Bangkok-based Gulf Energy, which owns 18.9% of Intouch, said in a filing it had offered to buy the rest of the shares for 65 baht per share, 11% higher than its previous close.
If Gulf is able to secure at least 50% of Intouch, it will also offer to buy out AIS, it said in a statement. Intouch owns 40.45% of AIS.
Intouch, it said, had high potential to generate cash flow given AIS growth potential and would generate returns in the form of dividends regularly and continuously over the long term.
Thailand s Gulf Energy makes $5 4 bln bid for control of nation s biggest mobile operator financialpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialpost.com Daily Mail and Mail on Sunday newspapers.