GULF to boost stake in Intouch Holdings to 10 per cent
Gulf Energy Development (GULF)’s board of directors have decided to hold no more than 10 per cent stake in Intouch Holdings (INTUCH).
A GULF official said the company will buy INTUCH shares via the Stock Exchange of Thailand (SET) or other methods under Securities and Exchange Commission (SEC) rules.
“As of August 21, GULF is holding a 7.99 per cent stake in INTUCH,” the official said, adding that the board has agreed to have an authorised person negotiate and change conditions on trading of INTUCH common shares, financing, signing of contracts and contacting government for the company’s best interests.
“The company will use circulating funds and loans from financial institutions to buy INTUCH shares,” the official said.
INTUCH is a holding company that invests in leading Thai telecommunications companies, which still have high potential. Hence, the official said, GULF believes this investment will generate consistent, long-term dividends.
