Thai Tycoon’s Power, Telco Arms Jump on Holders’ Nod for Merger
- Gulf Energy and Intouch stocks are set for record high closes
- Proposed Merger to Fuel Gulf Energy’s growth: Krungsri
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Thai billionaire Sarath Ratanavadi’s power and telecom companies extended gains on Friday, as shareholders’ approval bolstered investors’ confidence that their proposed merger will go through.
Shares of Gulf Energy Development Pcl and Intouch Holdings Pcl climbed as much as 3.5% and 3.7% respectively in Bangkok, after almost all shareholders of both companies approved the merger that’s seen to fuel growth. Both stocks are set to close at a fresh record high, valuing the two firms at a combined $30 billion.