Gulf Energy Development’s board voted to consider making a tender offer to acquire AIS alongside progressing a move to purchase Intouch Holdings, which holds a 40.45 per cent stake in the operator.
The power company’s board recently lowered a $5.4 billion bid [1] for the holding company, in which it owns a near 19 per cent stake, and stated both tender proposals were dependent on the Stock Exchange of Thailand (SET) approving a request to waive an obligation to make a tender offer for satellite service provider Thaicom.
Intouch Holdings has a 41.1 per cent stake in Thaicom, which Gulf Energy Development does not plan to acquire.
There is speculation the AIS move is a connected to a recent combination of state-owned CAT Telecom and TOT into National Telecom: Bangkok Post reported the power company has close ties with government officials including Digital Economy and Society Minister Chaiwut Thanakamanusorn, who was previously a Gulf Energy Development executive.
[1] https://www.mobileworldlive.com/asia/asia-news/thai-energy-company-bids-5-4b-for-ais
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