Thailand’s energy giant, Gulf Development Public Company Limited (SET: GULF), has liquidated its entire stake in SPCG Public Company Limited (SET: SPCG) to Dr. Wandee Khunchornyakong, CEO and largest shareholder of SPCG, following a decade long of maintaining the second major shareholder in the pioneer of Thailand’s solar power sector.
According to the Securities and Exchange Commission (SEC)’s filing, Dr. Khunchornyakong, who serves as the Chairman and CEO of SPCG, purchased all 94.8 million shares previously held by GULF International Investment (Hong Kong) Limited—a wholly owned subsidiary by Gulf Development—in a deal valued at a substantial premium in a single transaction.
The shares were acquired at a price of THB 13.27 per share, a figure reported to be approximately 46% higher than the market price. This aggressive valuation suggests a strong confidence from the CEO, driven primarily by the company’s generous dividend policy.
SPCG currently offers an exceptional dividend yield, reported to be as high as 13.11%. This high yield is likely the key factor justifying the steep premium paid for the sizable block of stock, emphasizing the value placed on the company’s consistent cash flow and dividend distribution. The company has announced three dividend payments this year.
Transaction Details
- Seller: GULF International Investment (HONG KONG) Limited (a wholly-owned subsidiary of Gulf Development PCL , with Thai billionaire Sarath Ratanavadi as CEO). The GULF subsidiary was previously one of SPCG’s major shareholders, holding approximately 8.98% of the total shares. GULF has invested in SPCG since 2014.
- Buyer: Dr. Wandee Khunchornyakong, Chairman and CEO of SPCG.
- Shares Transferred: 94.8 million shares.
- Price Per Share: THB 13.27.
This strategic acquisition significantly increases Dr. Khunchornyakong’s controlling interest in SPCG.
Prior to the transaction, regulatory filings indicated that Dr. Khunchornyakong was already the largest shareholder, holding 37.10% of the company’s shares. By absorbing the GULF subsidiary’s nearly 9% stake, her consolidated ownership and voting power in the solar power company are substantially strengthened.
The divestment marks a complete exit for the GULF-affiliated entity from SPCG, potentially refocusing its investment portfolio, while simultaneously empowering the existing management, led by its founder CEO.
