Gulf Energy Development has denied any plans for a Kasikornbank (KBank) takeover, explaining that its recent increase in the bank’s shareholding is purely for investment purposes. The company, known as one of Thailand’s leading private power producers, raised its stake in KBank to 0.87%, making it the 14th-largest shareholder. Despite market speculation, Gulf reiterated that its focus is on portfolio investment rather than acquiring control of the bank.
KBank’s CEO, Kattiya Indaravijaya, highlighted that Gulf’s investment strategy aligns with seeking potential gains in various SET-listed companies. The recent disclosure regulations by the Stock Exchange of Thailand now require companies to reveal shareholders with ownership exceeding 0.5% of paid-up capital, along with the top 10 largest shareholders.
The regulations from the Bank of Thailand also enforce scrutiny for shareholders looking to acquire over 10% of a bank’s capital, adding a layer of complexity to significant ownership changes. KBank emphasized that shareholder rankings are subject to change due to market dynamics, with investors evaluating opportunities based on factors such as capital gains and dividends.
