GULF is preparing to launch 4 tranches of debentures ranging from 4 to 10-year tenors, offering fixed
coupon rates of 3.00-3.75% per annum via public offering. The debentures have been rated “A”, while
the company holds an “A+” rating with a “Positive” outlook from TRIS Rating, reflecting its strong
position in the energy sector, bolstered by strategic investments in infrastructure and utilities,
the digital business, and more. The offering is expected to take place in late February 2025 through
10 leading financial institutions. TRIS Rating views the amalgamation with INTUCH as benefiting from
the strengthened financial profile, reaffirming investor confidence.
Gulf Energy Development Public Company Limited (GULF),
an energy, infrastructure and digital company, is preparing to issue its senior unsecured debentures to
retail investors. The offerings consist of 4 tranches: a 4-year tenor with a fixed coupon rate of 3.00 -
3.20%, a 5-year tenor with a fixed coupon rate of 3.15 – 3.35%, a 7-year tenor with a fixed coupon rate
of 3.35 – 3.55% and a 10-year tenor with a fixed coupon rate of 3.55 – 3.75%, respectively. The final
coupon will be announced later.
The debentures have been assigned “A” by TRIS Rating on January 22, 2025, while the company was rated at
“A+” with a “Positive” outlook, indicating a favorable perspective on the amalgamation with Intouch
Holdings Public Company Limited (INTUCH).
The company expects to launch 4 tranches of debentures through the public offering during 27 – 28
February and 3 March 2025 via 10 financial institutions mandated as joint lead arrangers. The minimum
subscription amount is 100,000 Baht with subsequent multiples of 100,000 Baht.
GULF is a holding company with core businesses across 3 areas: 1) Energy Business including Power
Generation Business, Renewable Energy Business and Gas Business; 2) Infrastructure & Utilities Business;
and 3) Digital Infrastructure. The various projects that the Company invests in will generate stable
revenue streams as they are backed by long-term contracts with reputable and credible institutions,
especially government agencies such as the Electricity Generating Authority of Thailand (EGAT), the
Department of Highways and the Industrial Estate Authority of Thailand, just to name a few.
Ms. Yupapin Wangviwat, Chief Financial Officer of GULF, revealed that, the purpose of this debentures
offering is to partially service loans and support business expansion both domestically and
internationally. The public offering will provide retail investors with an opportunity to invest in a
company with steady growth and low risk while earning reasonable returns.
“The Company is currently in the process of amalgamation with INTUCH and anticipates the transaction to
complete within early of the second quarter of 2025. This will create a new entity (NewCo) with a
stronger financial position, increased cash flow, and a significantly lower debt-to-equity ratio (D/E).
This could lead to an improved credit profile in the future, greater investment opportunities, and
access to funding at more competitive interest rates, supporting long-term business growth.”
Subscription Details
Interested investors can review the draft prospectus at www.sec.or.th and
subscribe through the following financial institutions:
- Krungthai Bank PCL – Call 02-111-1111 or subscribe via the Krungthai NEXT app (for retail
investors).
- Bangkok Bank PCL – Call 1333 or subscribe via the Bangkok Bank Mobile Banking app (for retail
investors).
- Bank of Ayudhya PCL – Call 1572 or subscribe via the Krungsri app (for retail investors).
- KASIKORNBANK PCL – Call 02-888-8888 ext. 869 or subscribe via K-My Invest
(www.kasikornbank.com/kmyinvest) (for Thai retail investors).
- Siam Commercial Bank PCL – Call 02-777-6784 or subscribe via the SCB EASY app (for Thai retail
investors).
- CIMB Thai Bank PCL – Call 02-626-7777 or subscribe via the CIMB Thai app (for retail investors).
- TMBThanachart Bank PCL – Call 1428 press #4 (including Thanachart Securities PCL as a selling
agent).
- United Overseas Bank (Thai) PCL – Call 02-285-1555.
- Kiatnakin Phatra Securities PCL – Call 02-165-5555 or subscribe via the Dime! app (including
Kiatnakin Phatra Bank PCL as a selling agent).
- Maybank Securities (Thailand) PCL – Call 02-658-5050.
For Media, please contact:
i2C Communications Co., Ltd. (on behalf of Gulf Energy Development PCL)
Maneenin Wanichpijit (PR Manager)
Tel. 090 945 4050 email:
miina.wanit@gmail.com
