Gulf completed its tender offer for a stake in InTouch in 2021, becoming the biggest shareholder in the tech and telecom-oriented holding company. In December 2022, Gulf, through its subsidiary Gulf Ventures, acquired a 41.1% stake in SET-listed satellite service provider Thaicom from InTouch. So, the alternative for Gulf is to purchase more shares of InTouch -- the biggest shareholder of AIS -- from Singtel, which owns around 27% of InTouch's shares, he said. Following such a move, Gulf may pursue a share swap to become the direct major shareholder of AIS while delisting InTouch from the Stock Exchange of Thailand (SET). Mr Pisut said Gulf is unlikely to grab additional shares in the tender offer as the market price of Thaicom shares is now higher than 9.92 baht.
