GULF Sells KBANK after Record Date for Dividend, In Line with Short-Term Strategic Investment

Speculations were raised last week among investors after Gulf Energy Development Public Company Limited (SET: GULF) had been accumulating shares of Kasikornbank Public Company Limited (SET: KBANK), one of the top commercial banks in Thailand, to the point that GULF was listed as KBANK’s major shareholder with 20,542,400 shares or 0.87% of KBANK’s stake as of March 14, 2024.

As of April 30, 2024, based on the information and public data from the Stock Exchange of Thailand (SET), the overview of shareholders of Kasikornbank Public Company Limited (KBANK) after the Record date for the right to receive dividends as of April 23, 2024, the name of Gulf Energy Development Pcl. was not found among the major shareholders of KBANK.

This is in line with the statement from GULF’s CEO Mr. Sarath Ratanavadi, saying that the accumulation and investment in KBANK is a short-term investment as the share price of the bank was quite attractive at the time.