Thai billionaire Sarath plans $7.2 billion buyout of Singtel associate Intouch_老虎社区_美港股上老虎

Thai billionaire Sarath plans $7.2 billion buyout of Singtel associate Intouch

The Straits Times2021-04-19

BANGKOK (BLOOMBERG) - Gulf Energy Development, Thailand's biggest power producer by market value, offered to acquire Intouch Holdings, that control's the nation's largest mobile phone operator for as ...

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The offer price is 11 per cent higher than Intouch's close on Friday.\nGulf Energy will also tender for 100 per cent of Advanced Info Service, Thailand's biggest mobile phone company controlled by Intouch, at 122.86 baht each. The Advanced Info offering will be subject to Gulf Energy securing at least 50 per cent of Intouch, it said.\nSingapore Telecommunications is the biggest shareholder of Intouch after acquiring a 21 per cent stake from Temasek Holdings in 2016. Former Thai prime minister Thaksin Shinawatra sold Intouch - then named Shin Corp - to Temasek in 2006, sparking public criticism. SingTel also owns about 23 per cent of Advanced Info, according to stock exchange data.\nSingtel shares were trading up six cents or 2.35 per cent at $2.61 as of 1.13pm on Monday, after the  announcement of the Intouch buyout offer.\nWhile Intouch shares jumped as much as 9 per cent on Monday, the most since March 2020, Gulf Energy tumbled as much as 5.3 per cent to its lowest level since November.\nMr Sarath, 56, Thailand's second-richest person, has expanded his 10-year-old energy company into deep-sea port, tollway and telecommunication businesses as well as power projects in Vietnam, Oman and Germany. Acquisitions of Intouch and Advanced Info will generate long-term benefits from their potential and cash flows as Thailand's leading telecommunication companies, Gulf Energy said.\nGulf Energy's proposed acquisition of Intouch would be Thailand's third-biggest buyout deal, according to data compiled by Bloomberg.\nLoans, cash\nSarath, Gulf Energy's chief executive officer, has a net worth of about $9 billion, most of which comes from his and his family's stake in the power producer, according to Bloomberg Billionaires Index.\nGulf Energy will finance the acquisitions of Intouch and Advanced Info from cash flow and bank loans, according to the company's statement. Shareholders will hold a meeting on June 25 to consider the proposed acquisitions.\nMost of Intouch's earnings come from Advanced Info and Thaicom Pcl, the nation's biggest satellite operator. It also invests in technology startups. Gulf Energy will request the regulator to waive a mandatory requirement to make tender offer for Thaicom, it said.\nThaicom shares surged as much as 9.2 per cent, while Advanced Info fell 0.6 per cent as of 10:41 a.m. in Bangkok.","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":373956448,"gmtCreate":1618815230684,"gmtModify":1634290723723,"author":{"id":"3573818563583937","authorId":"3573818563583937","name":"Starbucks","avatar":"https://static.tigerbbs.com/adf9c30b19f3cc477ca4f1198d2c8b81","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Wow! [财迷]&nbsp;[财迷]&nbsp;","listText":"Wow! [财迷]&nbsp;[财迷]&nbsp;","text":"Wow! [财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/373956448","repostId":2128986116,"repostType":4,"repost":{"id":"2128986116","pubTimestamp":1618809008,"share":"https://www.laohu8.com/m/news/2128986116?lang=&edition=full","pubTime":"2021-04-19 13:10","market":"sg","language":"en","title":"Thai billionaire Sarath plans $7.2 billion buyout of Singtel associate Intouch","url":"https://stock-news.laohu8.com/highlight/detail?id=2128986116","media":"The Straits Times","summary":"BANGKOK (BLOOMBERG) - Gulf Energy Development, Thailand's biggest power producer by market value, of","content":"<div>\n<p>BANGKOK (BLOOMBERG) - Gulf Energy Development, Thailand's biggest power producer by market value, offered to acquire Intouch Holdings, that control's the nation's largest mobile phone operator for as ...</p>\n\n<a href=\"http://www.straitstimes.com/business/companies-markets/thai-billionaire-sarath-plans-72-billion-buyout-of-singtel-associate\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Thai billionaire Sarath plans $7.2 billion buyout of Singtel associate Intouch</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThai billionaire Sarath plans $7.2 billion buyout of Singtel associate Intouch\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-19 13:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/companies-markets/thai-billionaire-sarath-plans-72-billion-buyout-of-singtel-associate><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BANGKOK (BLOOMBERG) - Gulf Energy Development, Thailand's biggest power producer by market value, offered to acquire Intouch Holdings, that control's the nation's largest mobile phone operator for as ...</p>\n\n<a href=\"http://www.straitstimes.com/business/companies-markets/thai-billionaire-sarath-plans-72-billion-buyout-of-singtel-associate\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"Z74.SI":"新电信"},"source_url":"http://www.straitstimes.com/business/companies-markets/thai-billionaire-sarath-plans-72-billion-buyout-of-singtel-associate","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2128986116","content_text":"BANGKOK (BLOOMBERG) - Gulf Energy Development, Thailand's biggest power producer by market value, offered to acquire Intouch Holdings, that control's the nation's largest mobile phone operator for as much as 169 billion baht (S$7.2 billion).\nGulf Energy, controlled by billionaire Sarath Ratanavadi, offered to buy 2.6 billion shares, or about 81 per cent of Intouch, that it doesn't already own at 65 baht each, it said in an exchange filing on Monday (April 19). The offer price is 11 per cent higher than Intouch's close on Friday.\nGulf Energy will also tender for 100 per cent of Advanced Info Service, Thailand's biggest mobile phone company controlled by Intouch, at 122.86 baht each. The Advanced Info offering will be subject to Gulf Energy securing at least 50 per cent of Intouch, it said.\nSingapore Telecommunications is the biggest shareholder of Intouch after acquiring a 21 per cent stake from Temasek Holdings in 2016. Former Thai prime minister Thaksin Shinawatra sold Intouch - then named Shin Corp - to Temasek in 2006, sparking public criticism. SingTel also owns about 23 per cent of Advanced Info, according to stock exchange data.\nSingtel shares were trading up six cents or 2.35 per cent at $2.61 as of 1.13pm on Monday, after the  announcement of the Intouch buyout offer.\nWhile Intouch shares jumped as much as 9 per cent on Monday, the most since March 2020, Gulf Energy tumbled as much as 5.3 per cent to its lowest level since November.\nMr Sarath, 56, Thailand's second-richest person, has expanded his 10-year-old energy company into deep-sea port, tollway and telecommunication businesses as well as power projects in Vietnam, Oman and Germany. Acquisitions of Intouch and Advanced Info will generate long-term benefits from their potential and cash flows as Thailand's leading telecommunication companies, Gulf Energy said.\nGulf Energy's proposed acquisition of Intouch would be Thailand's third-biggest buyout deal, according to data compiled by Bloomberg.\nLoans, cash\nSarath, Gulf Energy's chief executive officer, has a net worth of about $9 billion, most of which comes from his and his family's stake in the power producer, according to Bloomberg Billionaires Index.\nGulf Energy will finance the acquisitions of Intouch and Advanced Info from cash flow and bank loans, according to the company's statement. Shareholders will hold a meeting on June 25 to consider the proposed acquisitions.\nMost of Intouch's earnings come from Advanced Info and Thaicom Pcl, the nation's biggest satellite operator. It also invests in technology startups. Gulf Energy will request the regulator to waive a mandatory requirement to make tender offer for Thaicom, it said.\nThaicom shares surged as much as 9.2 per cent, while Advanced Info fell 0.6 per cent as of 10:41 a.m. in Bangkok.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4082627,"gmtCreate":1618915068499,"gmtModify":1635515597090,"authorId":3573809317992460,"author":{"id":3573809317992460,"authorId":3573809317992460,"name":"Nobi","avatar":"https://static.tigerbbs.com/f6f79f8404d0e36885a520438a78cd94","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":373956448,"type":1,"supId":0,"prevId":0,"content":"billionaire plans billion buyout  [龇牙]","text":"billionaire plans billion buyout  [龇牙]","html":"billionaire plans billion buyout  [龇牙]"}],"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":8,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}