BANGKOK — Thailand’s Gulf Energy Development is set to fully enter the country’s telecommunications industry after reaching a deal to take a hefty stake in mobile network operator InTouch Holdings.
In a tender offer that closed on Wednesday, Gulf Energy secured subscriptions for 747 million shares, or 23.3% of all issued shares in InTouch, which itself is a major shareholder of Thailand’s largest mobile telco giant.
Gulf Energy, an up-and-coming conglomerate known for its power generation business, will have a 42.2% stake in InTouch when the deal is completed on Aug. 11, up from its previous 18.9% share. This will put it ahead of Singapore’s Singtel, which holds 21% of InTouch.
InTouch has a significant presence in Thailand’s telecom industry, as it has a 40% stake in leading mobile operator Advanced Info Service, or AIS. It also holds 41% of satellite operator Thaicom.
Gulf Energy…
