Photo: Bloomberg
Singapore Telecommunications’ (Singtel) Thai associate, Advanced Info Service Public Company (AIS), has announced, on May 31, that Gulf Energy Development will commence a voluntary tender offer for all securities in AIS should all waivers be granted by the Securities and Exchange Commission (SEC) in Thailand.
The request was made by Gulf Energy to request to waive the obligation to make another tender offer for AIS, following the offer made to acquire all shares in Intouch Holdings, another Singtel subsidiary.
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On April 19, Gulf Energy, which is owned by Thai billionaire Sarath Ratanavadi, commenced a voluntary tender offer to buy the remaining 81% shares in Intouch Holdings that it doesn’t already own at 65 baht ($2.77) apiece.
The offer was revised on May 28 to 120.93 baht ($5.098) per share.
Gulf, on May 28, had announced its intention to execute a conditional voluntary offer of all shares in AIS following the acquisition of Intouch Holdings.
Shares in Singtel closed 1 cent lower or 0.4% down at $2.41 on May 31.
