Singtel undecided on Gulf stake option

The amalgamation of Gulf and Intouch is set for 1 April.

Singapore Telecommunications Limited said that it has not made any decision regarding the option for its stake in Gulf Development Public Company Limited (Gulf), the newly formed entity following the upcoming amalgamation of Gulf Energy Development Public Company Limited and Intouch Holdings Public Company Limited on 1 April 2025.

Singtel previously said it supported the move as it will allow simplify shareholding in its Thai associate, Advanced Info Service Public Company Limited (AIS). Singtel and the then company Gulf Energy Development hold 24.99% and 47.37% in Intouch, respectively, whilst Intouch holds 40.44% in AIS, with all three entities listed on the Thai stock exchange.

The group also wishes to clarify that its shareholding in AIS remains unchanged at 23.32%, with 4.22% held under Raffles Nominees (Pte) Limited.

“Singtel remains committed to being a long-term investor in Thailand and working alongside Gulf to drive AIS’ continued growth and strengthen its position as Thailand’s leading telecommunication provider. We will continue to monitor developments closely and will provide further updates as necessary,” the group said.

This article was updated on 4 March 2025.

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