GULF Clears Key Overhang as Market Absorbs Singtel’s 416 Million-Share Sale

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 does not contain any information regarding Bloom Energy Corp (BE).
GLOBALother · neutral · high
The article discusses a block trade involving GULF shares, which has no direct material impact on the operations or financial outlook of Siam Global House Public Company Limited.
GULFm_and_a · neutral · high
The block trade of 416 million shares by Singtel is viewed as clearing a market overhang, with a 90-day lockup period implemented to ensure stability.
INTUCHm_and_a · neutral · med
The article details Singtel's divestment of GULF shares following the merger between Intouch and GULF, which does not directly alter the fundamental operations of INTUCH.
MAJORother · 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 MAJOR.
SINGTELm_and_a · positive · high
Singtel successfully divested 416 million shares of GULF, generating significant capital and removing a major market overhang regarding its stake in the Thai conglomerate.

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.