GULF Gains 2% after Announcing the Acquisition of 40% Stake in “PTT NGD”

GULF Gains 2% after Announcing the Acquisition of 40% Stake in “PTT NGD”

The share price of Gulf Energy Development Public Company Limited (GULF) in the morning session on December 24, 2020 gained ฿0.75/share or 2.24% to ฿34.25/share with a trading value of 445 million baht. 

 

Early today GULF has announced that the company acquired 40% of ordinary shares in PTT Natural Gas Distribution Company Limited (PTT NGD) from International Power S.A. with a total investment value of USD 90 million or approximately THB 2,700 million and entered into a Share Purchase Agreement and proceeded with the transfer of shares on December 23, 2020. 

As such, the shareholding in PTT NGD after the share purchase comprises PTT Public Company Limited (PTT) holding 58%, GULF holding 40% and CPB Equity Company Limited holding 2%. GULF will be able to recognize the operating results immediately after the transfer of the said shares.

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