On Thursday at 3:43 PM (Bangkok time), the share price of Gulf Energy Development Public Company Limited (SET: GULF) rose by 1.77% or THB 1.00 to THB 57.50, with a trading value of THB 1.42 billion.
Intouch Holdings Public Company Limited (SET: INTUCH) jumped by 3.57% or THB 3.25 to THB 94.25, with a trading value of THB 2.34 billion.
The rise in prices of both companies came after GULF’s shareholders overwhelmingly voted, with a 99.99% approval, in favor of the proposed merger with affiliate Intouch Holdings.
Gulf Energy CEO Sarath Ratanavadi expressed confidence that the integration of the energy and telecom companies will drive accelerated business expansion and bolster earnings growth for the newly formed entity, as discussed during the shareholders meeting.
