ADB Books ฿9.7Bn in a Flash from Selling GULF-BGRIM in a Big Lot Transaction!

ADB Books ฿97Bn in a Flash from Selling GULF-BGRIM in a Big Lot Transaction!

Big lot transactions of Gulf Energy Development Public Company Limited (GULF) and B.Grimm Power Public Company Limited (BGRIM) have been reported in the Stock Exchange of Thailand at the amount of 176,000,000 shares and 68,000,000 shares, respectively.

 

The transaction of GULF has an average selling price of ฿35.15/share for a total of 6,186,400,000 baht, while the transaction of BGRIM has an average selling price of ฿50.80/share for a total value of 3,454,400,000 baht.

The transaction was in line with the report from “Kaohoon Online” earlier this morning, Following the report from Bloomberg that Asian Development Bank (ADB) was expecting to sell shares of GULF andBGRIM at a discount around 4-5%.

The source close to a financial field revealed to “Kaohoon Online” that ADB was required to allocate its investment in energy stocks due to the impact of the coronavirus outbreak. It has been anticipated that ADB has been selling a lot of stocks during the coronavirus crisis, causing its proportion in power generation stocks to top other sectors, which led to a force-sell in GULF and BGRIM.

The source stated that the allocation and adjustment is very common and seen by leading funding companies such as Temasek Holdings, a Singaporean holding company.

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