“Gulf Energy Development Public Company Limited” has invested 695 million baht to buy shares of “Binance US” from “GULF HK” to strengthen investment in digital asset business.
Ms Yupapin Wangwiwat, Deputy CEO and Chief Financial Officer, Gulf Energy Development Public Company Limited or GULF informed through the Stock Exchange of Thailand (SET) that the Board of Directors Meeting on 7 June 2023 decided to approve Gulf International Investment (Hong Kong) Limited (“Gulf HK”), a subsidiary of which the Company holds 100% of the shares Sale of all preferred shares held by Gulf HK in BAM Management US Holdings Inc. (“Binance US”), a digital asset exchange operator in the United States under the name Binance.US to Gulf International Investment Limited (“GIIL”), a legal person in which “Mr. Sarath Ratanavadi” who is the executive, director and major shareholder of the Company Indirectly holding 100% of shares with a total turnover of about USD 20 million. This is equal to the cost that Gulf HK has invested in Binance US, so the transaction will not affect the Company’s operating results and financial statements.
The sale of preferred shares in Binance US looks like an asset disposal transaction, but when calculating the sale value of preferred shares held by Gulf HK in Binance US in accordance with the relevant rules. and included with the value of the transaction disposed of in the last 6 months prior to the date of this transaction.
Such total value has not yet reached the criteria that must be taken in accordance with the Notice on Rules for Significant Transactions Qualifying as an Acquisition. or disposal of assets of listed companies Pursuant to Section 89/29 of the BE Securities and Exchange Act Criteria for making Making significant transactions that fall within the scope of acquiring or disposing of assets and Notification of the Board of Governors of the Stock Exchange of Thailand BorJor/Por 21 -01 Disclosure of Information and Practices of Listed Companies in the Acquisition or Disposal of Assets BE 2547
However, the said transaction is considered a connected transaction. (Type of asset related transaction) as GIIL is a legal person associated with the Company, ie GIIL is a legal person held by Gulf Holdings (Thailand) Company Limited (“GHT”) at 100% 100 y cent where GHT has directors and major shareholders as executives, directors and major shareholders of the Company.
This item has a value of more than 0.03 percent but not more than 3.00 percent of the net tangible assets based on the information from the Company’s consolidated financial statements (revised version) ended March 31, 2023, which must be approved by the Company’s Board. Directors and reporting information to the Stock Exchange of Thailand in accordance with Sections 89/11 and 89/12 of the Securities and Exchange Act and Capital Market Supervisory Board Notice No. Thor Jor 21/2551 on the rules for doing business Related Items and Notice of the Board of Governors of the Stock Exchange of Thailand No. BorJor/Por 22-01 Disclosure of Information and Operations of Listed Companies on Related Transactions BE 2546. In this regard, the Company It was approved to carry out the said transaction from the meeting of the Board of Directors of the Company. then according to the details above
