GULF Energy Development Public Company Limited or GULF* revealed that following the Extraordinary General Meeting of Shareholders which approved the allocation of up to 1,066.65 million newly issued ordinary shares with a par value of THB 1 per share for an offering to the existing shareholders of the Company in proportion to their respective shareholdings (Rights Offerings) at the ratio of 10 existing ordinary shares to 1 newly issued shared at the offering price of THB 30 per share. At the end of the subscription period, which was between September 14 - September 18, 2020, the shareholders expressed a great deal of interest in the right to subscribe for the newly issued shares, resulting in an oversubscription of 1.26 times. This reflects the shareholders’ confidence in the Company’s strong foundation, high growth potential, solid business plan and key strategies. After the proceeds, the increase of the registered capital of the company will be THB 11,733.15 million in total.
Ms. Yupapin Wangviwat, Executive Director and Chief Financial Officer, GULF* , stated, “The Company has already received the capital from the newly issued ordinary shares in Rights Offering amounting to approximately THB 32,000 million. Part of the proceeds from the rights issue will be used for investment in projects that are in the Company’s current and future plan, e.g. renewable energy projects in Vietnam, wind farm in Germany, infrastructure and utility projects including business expansion in the future whereby GULF sees an opportunity to expand its business in Asia, Europe, America and other regions.”