Gulf Development Public Company Limited (SET: GULF) has announced the indicative interest rates for three tranches of name-registered, unsubordinated, unsecured debentures with bondholders’ representative, according to Yupapin Wangviwat, Chief Financial Officer of GULF.
The company plans to offer these debentures to the general public and the details are as follows: the second series, with a maturity of 5 years, is set to offer a fixed interest rate between 1.96%–2.16% per annum. The third series, with a 7-year term, will have a fixed rate of 2.20%–2.50% per annum, while the fourth series, with a 10-year maturity, offers a fixed rate of 2.37%–2.67% per annum.
The final interest rates will be announced again in mid-September 2025.
The announced interest rate range is in line with the company and debenture ratings of AA- with a ‘Stable’ outlook, reinforcing investor confidence for those seeking stable long-term returns, especially as the economic environment faces challenges and the trend for interest rates continues downward.
GULF’s position has strengthened considerably following its merger with INTUCH, making this offering an attractive opportunity for investors wanting robust returns from a highly stable company.
For the second quarter of 2025 (April–June), GULF reported strong growth. Total revenue reached THB 40,617 million, an increase of 24.5% from the same period last year (compared to the pro forma consolidated financial data). EBITDA stood at THB 13,432 million, up 21.2% YoY, while core profit came to THB 7,101 million, a 26.5% YoY increase.
As of June 30, 2025, GULF’s total assets amounted to THB 742,205 million, total liabilities were THB 396,105 million, and total equity stood at THB 346,100 million. The company’s net interest-bearing debt (including lease liabilities) to equity ratio is at 0.87 times, well below the debenture covenant threshold of 3.5 times.
Currently, GULF operates as a holding company. Its businesses span the energy sector, where it stands as a leading private power producer in Thailand and operates power plants based on natural gas and renewables; gas procurement, import, and distribution—which are essential for electricity generation and national energy security; infrastructure and logistics focused on economic development and quality of life improvement through mega-projects; and telecommunications and satellite businesses.
GULF holds a 40.44% stake in Advanced Info Service Public Company Limited (SET: ADVANC), a major telecom and technology service provider under the AIS brand, and in Thaicom Public Company Limited (SET: THCOM), a satellite business connecting communications nationwide. GULF is also expanding regionally and digitally, partnering with global players in data centers, cloud (both public and private), and is involved in digital asset trading services with Binance.
Importantly, GULF operates under high standards of corporate governance and sustainable development. The company received an ‘Excellent’ CG Score for 2024 from the Thai Institute of Directors, was included in the S&P Global Sustainability Yearbook 2024 (Electric Utilities Industry), and selected for the FTSE4Good Index Series.
At the recent 15th Asian Excellence Award 2025 hosted by Hong Kong’s Corporate Governance Asia magazine, GULF claimed four awards: Asia’s Best CEO, Asia’s Best CFO, Sustainable Asia Award, and Best Investor Relations Company (Thailand)—highlighting its leadership and commitment to sustainable business practices and outstanding investor relations among Thai listed companies.
GULF expects to open sales for the debentures between September 30 and October 1–2, 2025. Interested investors can review the prospectus or contact lead managers including Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kasikornbank, Siam Commercial Bank, CIMB Thai Bank, TMBThanachart Bank, UOB Bank, Kiatnakin Phatra Securities, and Maybank Securities (Thailand).
A financial institution source revealed that the total size of this GULF debenture issuance will be approximately THB 30 billion, and is expected to reduce annual interest costs by around THB 400 million.
Bualuang Securities noted that the announced interest rate range (1.96–2.67%) is notably lower than those in GULF’s earlier offerings this year, clearly reflecting a drop in borrowing costs. This could prompt analysts and the market to revise down their assumptions for GULF’s cost of debt. Initial estimates suggest an upside of around 1% for long-term profit forecasts.
