Intouch and Gulf Energy announce merger to form new public entity ‘NewCo’

Shares of ‘NewCo’ will be listed and traded on the Stock Exchange of Thailand.

Intouch Holdings Public Company Limited (Intouch), an indirect associated company of Singapore Telecommunications Limited (Iingtel), has announced a merger agreement with Gulf Energy Development Public Company Limited (Gulf). 

The agreement, signed on 16 July, will see the two companies amalgamate under the Public Company Limited Act B.E. 2535 (1992) of Thailand.

The completion of the merger will result in the dissolution of both Intouch and Gulf, paving the way for the creation of a new legal entity, "NewCo," which will hold the status of a public limited company in Thailand. Shares of NewCo are expected to be listed and traded on the Stock Exchange of Thailand (SET).

In conjunction with the merger, both Intouch and Gulf along with Gulf’s major shareholder, Sarath Ratanavadi, are required to conduct a conditional voluntary tender offer (VTO) for all issued shares of Advanced Info Service Public Company Limited. 

Singtel Strategic Investments Pte. Ltd. (SSI), a wholly-owned subsidiary of Singtel and holder of approximately 23.3% of AIS shares, intends to participate in the VTO as a joint offeror alongside Gulf, Intouch, and Ratanavadi.