Gulf Energy Development Public Company Limited (SET:GULF) made an offer to acquire 59.6% stake in Advanced Info Service Public Company Limited (SET:ADVANC) from a group of sellers for approximately THB 220 billion on April 18, 2021. Gulf Energy Development will acquire the shares not held by Intouch Holdings Public Company Limited (SET:INTUCH) in ADVANC for THB 122.86 each. The transaction will be funded by Working capital of the business and credit facilities from commercial banks. As of June 18, 2021, Gulf Energy Development Public Company Limited confirmed that it has sufficient cash and cash equivalent resources to fulfill the obligation of offer transaction. In a related transaction, Gulf Energy Development Public Company Limited made a conditional voluntary tender offer to acquire remaining 81.07% stake in Intouch Holdings Public Company Limited from a group of shareholders for approximately THB 170 billion. In the case that the tender offer for securities of INTUCH results in the Company holding 50% or more of total voting rights in INTUCH, the Company will be deemed to have acquired a significant control in INTUCH, which is a shareholder of Advanced Info Service Public Company Limited and Thaicom Public Company Limited. The transaction is subject to approval from Gulf shareholders, obtaining financing from credit facilities, regulatory approvals and other customary closing conditions. The transaction has been approved by the Board of Gulf Energy Development. On June 25, 2021, the Extraordinary General Meeting of shareholders of Gulf Energy Development Public Company Limited approved the tender offer. Gulf Energy Development Public Company Limited will submit the tender offer documents for the tender offer for securities of Advanced Info Service Public Company Limited to the Office of the Securities and Exchange Commission on June 28, 2021. Based on the advise from Avantgarde Capital Company Limited, the board of directors of Advanced Info Service Public Company Limited recommends its shareholders to reject the tender offer by the reason that Offer Price of THB 120.93 per share is inappropriate price.

Tender Offer will commence the tender offer on June 29, 2021 and will close on August 13, 2021. Avantgarde Capital Company Limited appointed as financial advisor to provide opinion on the Offer to the shareholders of Advanced Info Service Public Company Limited.

Gulf Energy Development Public Company Limited (SET:GULF) completed the acquisition of 0.000068% stake in Advanced Info Service Public Company Limited (SET:ADVANC) from a group of sellers for approximately THB 0.25 million on August 13, 2021.