Gulf Energy Development Public Company Limited (GULF) has announced that on June 28, 2021, the company has already submitted the Tender Offer for the Securities of INTUCH and ADVANC (Form 247-4) to the Office of the Securities and Exchange Commission.
GULF will make a voluntary tender offer for securities of INTUCH at the offer price of THB 65.00 per share, which does not include (1) 606,878,314 ordinary shares in INTUCH which the Offeror currently holds, representing 18.93 per cent of the issued and paid-up shares in INTUCH as of 16 June 2021 and (2) the ordinary shares in INTUCH which the Offeror may acquire from its additional share acquisition through the Stock Exchange of Thailand (“SET”) on 25 and 28 June 2021.
Moreover, GULF has announced that 12 domestic and international financial institutions namely; Krungthai Bank, Kasikornbank, The Siam Commercial Bank, The Government Saving Bank, UBO, TMBThanachart Bank, Tisco, Kiatnakin Bank, Deutsche Bank AG (Singapore Branch), Maybank International Labuan Branch, Standard Chartered Bank (Singapore) Limited and Sumitomo Mitsui Banking Corporation (Singapore Branch) have committed to provide financial support to GULF for a tender offer of INTUCH at an approximate total value of 174,700,000,000 baht (US$1.00 to THB 31.00).
Meanwhile, In the case that the Tender Offer for Securities of INTUCH results in the Company holding 50 per cent or more of total voting rights in INTUCH, the Company will be deemed to have acquired a significant control in INTUCH and, as a result, the Company will be obligated to make a tender offer for all securities of Advanced Info Service Public Company Limited (ADVANC) in accordance with the rules on acquiring a significant degree of control over a juristic person with an existing shareholding in the business (Chain Principle) at an offering price of THB 120.93 per share.
GULF certified that the company’s cash and cash equivalent is sufficient for conducting this voluntary tender offer based on the probability that ADVANC’s shareholders may tender their shares, with cash and cash equivalents in the consolidated financial statements as of March 31, 2021, at THB 11,920.06 million.