The share price of INTUCH could make a run at the opening session on Tuesday as investors are speculating for a special dividend if the company decides to sell shares of THCOM to GULF.
Intouch Holdings Public Company Limited (SET: INTUCH) stated that the company will consider utilizing the proceeds received from the disposal of Thaicom Public Company Limited (SET: THCOM) shares to distribute dividends to its shareholders after receiving cash from the transaction in a total amount of THB4,4752.64 million.
The share price of INTUCH closed 0.35% lower on Monday at THB70.50 per share.
Late last night, Gulf Energy Development Public Company Limited (SET: GULF) announced that the Board of Directors Meeting, convened on 7 November 2022, considered and resolved to approve an investment in THCOM, operator of Thailand’s Thaicom 4, 6, 7 and 8 satellites, with the total investment value of approximately THB 10,873.33 million.
GULF, through its subsidiary Gulf Ventures Company Limited, will invest in the ordinary shares of THCOM which are held by INTUCH and to acquire all remaining ordinary shares of THCOM by means of making a mandatory tender offer for all securities of THCOM and/or the purchasing of ordinary shares of THCOM on the Stock Exchange of Thailand (SET) and/or by any other methods.
GULF will acquire THCOM ordinary shares from INTUCH, amounting to 450,870,934 shares (or 41.13 percent of the total issued ordinary shares of THCOM), at the price of THB 9.92 per share, totaling approximately THB 4,472.64 million. In this regard, GULF expects to enter into the Share Purchase Agreement with INTUCH after obtaining the approval from its Board of Directors.
After GULF has completed the acquisition of THCOM ordinary shares which are held by INTUCH as mentioned above, GULF will acquire the remaining ordinary shares of THCOM by making a mandatory tender offer for all securities of THCOM, amounting to 645,231,020 shares (or 58.87 percent of the total issued ordinary shares of THCOM) at the same price as the purchase price of THCOM’s shares which are held by INTUCH as aforementioned above (at the price of THB 9.92 per share), totaling approximately THB 6,400.69 million and/or the purchase of THCOM ordinary shares on the SET at the price traded on the SET and/or any other price and/or any other method.
GULF stated that the investment is aligned with its strategic direction, regarded as a growth driver for the development into related business domestically and internationally.
The funds for the Transaction will be from the Company’s internal working capital and/or credit facilities from financial institutions and/or bond issuance and/or other debt securities.