Singtel mulls Gulf Energy takeover of Intouch, AIS

Thai energy giant Gulf Energy Development is controlled by billionaire Sarath Ratanavadi.

Singtel has received offers from Thai-based Gulf Energy Development to takeover its stake in Intouch Holdings (INTUCH) and Advanced Info Service (ADVANC).

"Singtel views its stakes in INTUCH and ADVANC as strategic investments and we believe in the long term outlook of the businesses," Singtel said in a statement.

In a disclosure to the Stock Exchange of Thailand, Gulf Energy reported its plans to buy all INTUCH ordinary shares with an offer price of THB65 per unit, or approximately $2.76.

Following the purchase of 50% or more of the total voting rights in INTUCH, Gulf will then proceed with a tender offer for all the securities of ADVANC, at THB122.86 (approximately $5.19) per unit.

Singtel has a 21% equity interest in INTUCH and also owns 23% of Advance.

Gulf Energy Development is one of the largest power and utilities companies in Thailand, controlled by billionaire Sarath Ratanavadi.