ADVANC proposes special dividend; Gulf and Singtel set for biggest payouts

Advanced Info Service Plc (ADVANC) has proposed a special dividend of 19.00 baht per share from retained earnings on top of a 15.30-baht-per-share dividend from 2025 net profit, taking the company’s total full-year dividend to 34.30 baht per share, according to a filing with the Stock Exchange of Thailand (SET).

Board proposes 15.30 baht dividend plus 19.00 baht special payout

ADVANC said its board, meeting on February 3, 2026, resolved to propose the dividend allocations to the company’s 2026 annual general meeting (AGM). The firm noted that entitlement remains subject to shareholder approval at the AGM.

The company has already paid an interim dividend of 6.89 baht per share on September 3, 2025, leaving a remaining dividend for this round of 27.41 baht per share.

Gulf and Singtel to receive the largest dividend cheques

The special dividend has refocused attention on ADVANC’s largest shareholders, with Gulf Development Plc and Singtel Strategic Investments Pte Ltd positioned to receive the biggest payouts based on their disclosed stakes.

• Gulf Development Plc holds 1,202,712,000 shares (40.44%), implying an estimated dividend receipt of 32,966,335,920 baht.
• Singtel Strategic Investments Pte Ltd holds 568,000,000 shares (19.10%), implying an estimated dividend receipt of 15,568,880,000 baht.

Combined, the two shareholders account for 59.54% of ADVANC’s shares.

Key dates: XD Feb 27; record date Mar 2; payment Apr 30

ADVANC set the first ex-dividend (XD) date for February 27, 2026, with the record date on March 2, 2026. The dividend payment is scheduled for April 30, 2026.

Top 10 dividend earners by disclosed shareholdings

Based on the disclosed top-shareholder list and the 34.30 baht per share full-year dividend, the top 10 potential dividend recipients are:

1. Gulf Development Plc — 1,202,712,000 shares (40.44%): THB 32,966,335,920
2. Singtel Strategic Investments Pte Ltd — 568,000,000 shares (19.10%): THB 15,568,880,000
3. Thai NVDR Co., Ltd. — 248,598,673 shares (8.36%): THB 6,814,089,626.93
4. Raffle Nominees (Pte) Ltd S/A Singtel Strategic Investments Pte Ltd — 125,499,944 shares (4.22%): THB 3,439,953,465.04
5. Vayupak Fund One — 68,833,700 shares (2.31%): THB 1,886,731,717
6. Citibank Nominees Singapore Pte Ltd – A/C GIC C — 66,742,686 shares (2.24%): THB 1,829,417,023.26
7. South East Asia UK (Type C) Nominees Limited — 54,504,416 shares (1.83%): THB 1,493,966,042.56
8. State Street Europe Limited — 50,099,559 shares (1.68%): THB 1,373,228,912.19
9. Social Security Office — 44,936,600 shares (1.51%): THB 1,231,712,206
10. Mount Batur Limited — 33,701,800 shares (1.13%): THB 923,766,338

Company cites disciplined capital management, investment-grade profile

ADVANC said the special dividend proposal is aligned with its disciplined capital management framework, balancing long-term growth investment with financial strength and flexibility. It reiterated its aim to maintain an investment-grade credit profile while delivering appropriate returns to shareholders, adding that the special payout reflects confidence in its cashflow generation capacity.

One-off payout; regular dividend policy unchanged

The company described the special dividend as a one-off allocation of capital after assessing near-term investment needs, including plans across mobile, high-speed broadband, enterprise and digital services, as well as network leadership and future digital infrastructure. ADVANC added that its debt level would remain within an appropriate range after the payment, and stressed that the special dividend does not change its regular dividend policy, which remains linked to earnings growth and sustainable cashflows.