GULF Sees Massive Block Trade as Singtel Liquidates 416 Million Shares

published 23 d ago · en · source ↗

Affected tickers

Per-ticker News Sentiment Indicator

BEother · neutral · high
The article discusses a block trade of GULF shares by Singtel and contains no information regarding Bloom Energy Corp (BE).
GLOBALother · neutral · high
The article discusses a block trade of GULF shares by Singtel, which does not have a direct material impact on the operations or financial outlook of GLOBAL.
GULFm_and_a · negative · high
Singtel is liquidating 416 million shares of GULF through a block trade at a discount, which increases supply and exerts downward pressure on the stock price.
INTUCHm_and_a · neutral · med
Singtel's divestment of GULF shares follows the merger between INTUCH and GULF, but the transaction does not directly alter the fundamental operations of INTUCH.
MAJORother · neutral · high
The article discusses a block trade of GULF shares by Singtel, which has no direct material impact on the operations or financial outlook of MAJOR.
SINGTELm_and_a · positive · med
Singtel is liquidating 416 million shares of GULF, which generates significant capital for the company through this divestiture.

Article body

The Stock Exchange of Thailand (SET) reported that 65 big lot transactions of Gulf Development Public Company Limited (SET: GULF ) shares occurred during the morning trading session. The total trading volume amounted to 416 million shares, with an overall value of 24,544 million baht. The average transaction price was 59 baht per share, with a par value of 1 baht per share. As of 11:03 AM (Bangkok time) on Tuesday, the share price of GULF remained unchanged at 61.25 baht, with a trading value of 31.72 billion baht. According to the terms of the deal revealed on Monday by Bloomberg, Singtel Global Investment is seeking to divest as much as 24.96 billion baht ($758 million) worth of shares in GULF through a block trade. The transaction involves a secondary offering of 416 million shares, with a designated price range established between 58.80 baht and 60.00 baht per share. These types of transactions are typically offered to institutional investors. The proposed marketing range reflects a 2% to 4% discount relative to Monday’s closing market price of 61.25 baht on the Stock Exchange of Thailand, marking a 4.30% drop from the previous session. According to the deal structure, Singtel Global Investment will be subject to a 90-day lockup period on the seller side, preventing immediate subsequent share liquidations to support market stability post-transaction. Global investment banking firm UBS is acting as a joint placement agent for the multi-million-dollar block trade. Singtel was originally a major shareholder of Intouch Holdings Public Company Limited, a listed company on the Thai stock exchange. The Singaporean giant became a shareholder of GULF after a merger between Intouch and GULF in June 2025. Singtel currently holds 7.73% of voting rights in GULF, representing 1,155 million shares. Gulf Energy Development Public Company Limited is one of Thailand’s largest holding companies, commanding a market capitalization nearing 1 trillion baht. Originally a major gas-fired and renewable power producer, GULF has diversified into a sprawling conglomerate. Its core portfolio now spans massive energy projects, critical infrastructure like deep-sea ports, and digital technology sectors—including telecommunications, data centers, and digital asset exchanges.