Gulf-Intouch merger approved by shareholders
Company rebrands as Gulf Development, appoints new board and is set to trade on the Stock Exchange from April 3
Shareholders of Gulf Energy Development and Intouch Holdings (INTUCH) have formally approved the planned merger, paving the way for the creation of a new entity, Gulf Development.
The decision, reached during shareholder meetings held on Tuesday, will see the merged entity retain the stock ticker GULF and resume trading on the Stock Exchange of Thailand on April 3.
Effective April 1, Gulf Development will operate under its new name, with a registered and paid-up capital of 14.939 billion baht, divided into 14.939 billion ordinary shares at a par value of one baht each.
A newly appointed board of directors, comprising 12 members, has been endorsed. They are:
- Viset Choopiban
- Predee Daochai
- Somprasong Boonyachai
- Sarath Ratanavadi
- Porntipa Chinvetkitvanich
- Boonchai Thirati
- Yupapin Wangviwat
- Chotikul Sukhapiromkasem
- Krisada Chinavicharana
- Prof Dr Bundhit Eua-arporn
- Siriwipa Suppanthanes
- Disatat Panyarachun
Prior to the joint shareholder meeting, Gulf Energy Development held a separate meeting where shareholders sought clarification on the merger’s implications for future operations and dividend policies.
Sarath Ratanavadi, vice chairman and CEO of Gulf, outlined the group's diversified portfolio, encompassing energy, infrastructure, digital, and investment sectors, all of which are reportedly delivering consistent growth.
He emphasised that the acquisition of INTUCH, which holds a significant stake in Advanced Info Service (AIS), will substantially bolster the group's digital business. AIS has demonstrated robust performance, exceeding projected profits and achieving over 30 billion baht in the past fiscal year, up from the typical 26 billion baht.
Sarath confirmed the name change and the resumption of trading, asserting that the merger will drive increased revenue by strengthening the group's infrastructure, telecommunications, data centre, and financial operations.
He highlighted the company’s strategic focus on future-oriented ventures, citing the fully booked 24-megawatt data centre, scheduled for completion in the second quarter of 2025, and plans for further expansion with increased capacity.
