“Krung Thai” Affirms No Payment Default, Praising “GULF” a Company with Potential

Mr. Suratun Kongton, Senior Executive Vice President of Krung Thai Bank Public Company Limited (KTB), had made a statement regarding the rumors of Gulf Energy Development Public Company Limited (GULF)’s payment default at the amount of 35,000 million baht which caused the share price of GULF to plunge ฿5.50/share or 3.61% to ฿147.00/share in the trading session on September 12, 2019.

Mr. Suratun asserted that the rumors were false and at present, GULF did not have any loan or line of credit with the bank while affirming that GULF is a very potential company and a targeted customer of KTB.

Moreover, Mr. Smith Banomyong, CFO of GULF, also asserted that GULF received an A rating from Tris Ratings. As for the news about 35 billion baht payment default, Mr. Smith says the company and its subsidiaries do not have any loan with Krung Thai Bank.