13 August 2021
Thailand's Gulf Energy Development is set to fully enter the country's telecommunications industry after acquiring a large stake in mobile network operator InTouch Holdings.
The company secured subscriptions for 747 million shares, or 23.3% of all issued shares in InTouch, which itself is a major shareholder of Thailand's largest mobile telco company.
Gulf Energy, an up-and-coming conglomerate known for its power generation business, will have a 42.2% stake in InTouch when the deal is completed on Aug. 11, up from its previous 18.9% share. This will put it ahead of Singapore's Singtel, which holds 21% of InTouch.
InTouch has a 40% stake in leading mobile operator Advanced Info Service, or AIS. It also holds 41% of satellite operator Thaicom.
Gulf Energy is owned by billionaire Sarath Ratnavadi. Originally a power business, his company now runs motorways and an LNG terminal in Rayong Province.