GULF Accumulates KBANK’s Shares with Aims for Investment Purposes

The name of Gulf Energy Development Public Company Limited (SET: GULF) has appeared on a shareholder list of Kasikornbank Public Company Limited (SET: KBANK) for the 14th major shareholder with 20,542,400 shares or 0.87% of KBANK’s stake as of March 14, 2024.

Miss Yupapin Wangviwat, Chief Financial Officer (CFO) of GULF, stated that the purchase of KBANK’s shares was for GULF to manage its finances. There was no intention for the company to take over or collaborate with KBANK. However, if the share price of KBANK rises or falls in the future, GULF could consider selling the shares for speculation or making more investments in the company.

As for KBANK, the company stated that it had not received any notification about the investment from GULF. KBANK saw the transaction as a normal investment decision, while GULF could previously gradually invest in the company until the proportion exceeded 0.50% and was then shown on the shareholder list.


GULF is one of Thailand’s largest power producers and infrastructure providers, which has been turning itself into a holding company in recent years. The company is a major shareholder in big-cap companies such as Thailand’s leading mobile operator Advanced Info Service Public Company Limited (SET: ADVANC), known as AIS, and Triple T Broadband Public Company Limited through its shareholding in Intouch Holdings Public Company Limited (SET: INTUCH). The company also holds 41% stake in Thailand’s satellite provider Thaicom Public Company Limited (SET: THCOM) as well.