In July, we reported that Thai billionaire Sarath Ratanavadi was planning to merge two companies that he controls - Intouch Holdings, which holds a majority 40.4% stake in AIS, and power firm Gulf Energy Development. Now, shareholders in the firms have reportedly approved the proposal.
The boards of each company voted in favour of cancelling 1.8 million shares in Intouch Holdings to lower its registered capital from THB5 billion ($151.6 million) to THB3.2 billion.
In 2021, Gulf Energy Development made a formal bid of THB528.6 billion ($16.5 billion) for 100% of shares in Intouch Holdings and thereby AIS. Its current holding in Intouch sits at 47.4%, with Singtel holding a further 25% which it will relinquish as part of the merger agreement. In return, it will receive 9% in the merged unit – valued at around US$20.5 billion –thereby registering an estimated gain of SGD400 million ($306.5 million).
The merger has been cleared by Thailand’s regulator, with Gulf Energy Development stating that it aims to register the new company within Q2 2025. The companies expect to list the merged entity on the Thai Stock Exchange.
