Provided by Dow Jones By Yifan Wang Shares of Thailand s largest telecom company Intouch Holdings PCL soared Monday after an acquisition offer from Gulf Energy Development PCL. The stock jumped as much as 9.0% to 63.75 Thai baht, its highest intraday price level since November 2019, as investors welcomed the news. Gulf Energy, which currently holds about 19% stake in Intouch, has offered to buy all remaining shares in the telecom carrier at THB65.00 each, it said in a stock exchange filing on Monday. The total consideration of the deal amounts to over $5 billion. The electricity and power producer, owned by Thai billionaire Sarath Ratnavadi, said it believes in the high growth potential of Intouch, which also provides media and advertising services in addition to its main telecommunication businesses.
Billionaire Sarath offers B169bn buyout for Intouch
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published : 19 Apr 2021 at 11:25
6 Gulf Energy Development chief executive officer Sarath Ratanavadi plans a buyout of Intuoch Holdings Plc, which controls AIS. (Photo: Gulf Energy Development)
Gulf Energy Development Plc, Thailand’s biggest power producer by market value, has made a buyout bid for Intouch Holdings Plc, which controls the nation’s largest mobile phone operator, offering as much as 169 billion baht.
The Bangkok-based company, controlled by billionaire Sarath Ratanavadi, offered to buy 2.6 billion shares, or about 81% of Intouch, that it does not currently own at 65 baht each, it said in an exchange filing. The offer price is 11% higher than Intouch’s close on Friday.
Thai Energy Tycoon Offers $5 4 Billion To Buy Out Singtel s Stake In Thailand s No 1 Phone Company forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
The Straits Times
Thai billionaire plans $7.2 billion buyout of Singtel associate Intouch
Gulf Energy, controlled by billionaire Sarath Ratanavadi, offered to buy 2.6 billion shares, or about 81 per cent of Intouch.PHOTO: GULF.CO.TH
Updated15 min ago
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Gulf poised to acquire InTouch bangkokpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bangkokpost.com Daily Mail and Mail on Sunday newspapers.