Gulf Development Public Company Limited (SET: GULF) has issued a clarification in response to investor inquiries following Kasikornbank Public Company Limited’s (SET: KBANK) announcement of a share repurchase program valued at up to THB 8.8 billion. The company emphasized that the program has no impact on its investment position in KBank and reaffirmed its commitment to act in the best interests of its shareholders.
GULF disclosed that the company has received inquiries from investors and shareholders regarding the potential impact of Kasikornbank Public Company Limited’s (“the Bank”) Board of Directors’ resolution to approve a share repurchase program for financial management purposes, as disclosed to the Stock Exchange of Thailand on 30 October 2025. The Bank’s repurchase program will be conducted from 14 November 2025 to 13 May 2026.
On the same day, the Bank issued an official letter to the Company requesting its cooperation in refraining from selling the Bank’s shares during the repurchase period.
GULF made further clarification that its investment in the Bank’s shares is made solely for the purpose of generating returns for the benefit of the Company and its shareholders. The Company has not appointed any representatives to serve as directors or executives of the Bank and does not participate in the Bank’s management or policy decisions, including those related to the share repurchase program.
The announcement of the Bank’s share repurchase does not restrict the Company’s rights to buy or sell the Bank’s shares. The Bank is obligated to conduct the program in accordance with applicable laws and regulations of the relevant supervisory authorities.
As a listed company on the Stock Exchange of Thailand, Gulf Development affirms its commitment to operating in the best interests of the Company and its shareholders.
