Singtel Global Investment is seeking to divest as much as 24.96 billion baht ($758 million) worth of shares in Gulf Development Public Company Limited (SET: GULF) through a block trade, according to the terms of the deal revealed on Monday by Bloomberg.
The transaction involves a secondary offering of 416 million shares, with a designated price range established between 58.80 baht and 60.00 baht per share. This type of transactions typically are offered to institutional investors.
The proposed marketing range reflects a 2% to 4% discount relative to Monday’s closing market price of 61.25 baht on the Stock Exchange of Thailand, marking a 4.30% drop from the previous session.
According to the deal structure, Singtel Global Investment will be subject to a 90-day lockup period on the seller side, preventing immediate subsequent share liquidations to support market stability post-transaction.
Global investment banking firm UBS is acting as a joint placement agent for the multi-million-dollar block trade.
Singtel was originally a major shareholder of Intouch Holdings Public Company Limited, a listed company in the Thai stock exchange. The Singaporean giant became a shareholder of GULF after a merger between Intouch and GULF in June 2025. Singtel currently holds 7.73% of voting rights in GULF, representing 1,155 million shares.
Gulf Energy Development Public Company Limited is one of Thailand’s largest holding companies, commanding a market capitalization nearing 1 trillion baht. Originally a major gas-fired and renewable power producer, GULF has diversified into a sprawling conglomerate. Its core portfolio now spans massive energy projects, critical infrastructure like deep-sea ports, and digital technology sectors—including telecommunications, data centers, and digital asset exchanges.
