GULF Rebrands as GULFI; Supports NewCo Trading from March 21
GULF Announces Symbol Change Ahead of INTUCH Merger
Table of Contents
Published: 2025-03-17
Key Developments in ThailandS Mergers and Acquisitions Landscape
นางสาวยุพาพิน วังวิวัฒน์, รองประธานเจ้าหน้าที่บริหารและประธานเจ้าหน้าที่บริหารด้านการเงิน of บริษัท กัลฟ์ เอ็นเนอร์จี ดีเวลลอปเมนท์ จำกัด (มหาชน), also known as GULF, has announced a significant change. This announcement follows the resolution from the company’s Board of Directors meeting No. 3/2568.
The resolution approved a joint shareholders’ meeting between GULF and บริษัท อินทัช โฮลดิ้งส์ จำกัด (มหาชน), or INTUCH, scheduled for march 25, 2025.The purpose of this meeting is to purposeful on matters concerning the merger between GULF and INTUCH. This merger adheres to Section 148 of the Public Limited Company Act B.E. 2535 (1992), including its amendments. The announcement was made to the Stock Exchange of Thailand on February 10, 2025.
Thailand’s M&A Regulatory Framework
Mergers and Acquisitions (M&A) in thailand are governed by several key pieces of legislation and regulatory bodies. These include:
- The securities and Exchange Commission (SEC)
- The Capital Market Supervisory Board (CMSB)
- The Stock Exchange of Thailand
- The Securities and Exchange act (SEC Act)
- The Public Limited Company Act of 1992
- The Civil and Commercial Code
- The Foreign Business Act BE 2542 (1999)
Creation of NewCo and Stock Exchange Listing
Following the joint shareholders’ meeting and the completion of the merger registration, both GULF and INTUCH will cease to exist as legal entities. A new public limited company, referred to as “NewCo,” will be established.
NewCo will then apply to the Stock Exchange of Thailand to have its shares listed. These shares will replace those of GULF and INTUCH, which will afterward be delisted. Importantly, “NewCo will use the same stock symbol as the Company (namely GULF) in listing its shares on the Stock Exchange.”
Symbol change Announcement
To facilitate newco’s use of the same stock symbol, GULF has announced a change to its own stock symbol. Effective March 21, 2025, the stock symbol will change as follows:
Original Stock Symbol: GULF
new Stock Symbol: GULFI
Regulatory Landscape for M&A in Thailand
The regulatory environment for mergers and acquisitions in Thailand is comprehensive. The Securities and Exchange Act BE 2535 (1992) provides “general regulations on the governance and administration of the public limited company listed in Thailand’s stock exchange.” additionally, the Foreign Business Act BE 2542 (1999) “provides general restrictions and” guidelines for foreign investment and business operations within Thailand, impacting M&A activities.
GULF and INTUCH Merger: Key Questions and answers
This article addresses frequently asked questions regarding the merger between GULF Energy Advancement PCL (GULF) and intouch Holdings PCL (INTUCH), providing a clear understanding of the process, implications, and regulatory landscape.
1. Why is GULF merging with INTUCH?
The merger aims to consolidate the strengths and resources of both companies into a single, more robust entity (“NewCo”).
The specific strategic motivations behind the merger are best understood by reviewing GULF’s official statements and investor relations materials. Further information can likely be found via GULF’s website.
2.What is ”NewCo” and what will happen to GULF and INTUCH?
“NewCo” refers to the new public limited company that will be created consequently of the merger between GULF and INTUCH.
Upon completion of the merger registration, both GULF and INTUCH will cease to exist as separate legal entities.
3. How will the stock exchange listing work for “NewCo”?
NewCo will apply to list its shares on the Stock Exchange of Thailand (SET).
The shares of NewCo will replace the existing shares of GULF and INTUCH.
Following the listing of NewCo, the shares of GULF and INTUCH will be delisted from the SET.
Importantly,NewCo intends to use the same stock symbol as GULF,but GULF will transition to a new symbol to accommodate this shift.
4.What is the new stock symbol for GULF, and when does the change take effect?
To allow NewCo to use the original “GULF” stock symbol, GULF is changing its own symbol.
the original stock symbol for GULF was “GULF.”
The new stock symbol for GULF is “GULFI.”
This change is effective from March 21, 2025.