GULF Establishes “Gulf Innova” as Launch Pads to Promote the Digital Transformation

Gulf Energy Development Public Company Limited (SET: GULF) notified to the Stock Exchange of Thailand (SET) that, with the economy increasingly driven by innovation and technology, the company has established a policy to expand and strengthen its business in the digital infrastructure industry to support the rapid growth in digital infrastructure demand in Thailand.

As such, on December 16, 2021, the company’s Board of Directors’ Meeting resolved to approve the establishment of Gulf Innova Company Limited, a subsidiary in which the company holds 100% of shares with registered capital of THB 10,000,000. 

The objective of the establishment is to operate a digital infrastructure and digital-related services business, including jointly investing with partners to combine the expertise of each party and leverage data to build a digital platform in the future.

Additionally, at the same meeting, GULF approved the establishment of Gulf MP1 Company Limited, a subsidiary in which the company holds 70.0% of shares through Gulf1 Company Limited (GULF1), a 99.99 % owned subsidiary of GULF, to operate solar energy-related businesses, including solar rooftops and providing a full range of maintenance services for such systems, in partnerships with Mitsui Co., Ltd., through Mit-Power Capitals (Thailand) Co., Ltd., which holds 30.0% of shares, with registered capital of THB 1,000,000. 

The objective of the establishment is to produce and distribute electricity derived from solar rooftop in response to the demand of industrial customers of the 12 SPP power projects under Gulf MP Company Limited and other customers as mutually agreed upon.

In this regard, the establishment of such an entity is in line with the company’s renewable  energy business expansion plan, which promotes and drives the country’s green energy security and sustainability.