SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Thailand’s largest power producer Gulf Energy Development has made a bid to acquire Singtel associate company Intouch Holdings, which controls Thailand’s largest mobile phone company Advanced Info Service, for THB 169bn ($5.4bn). Gulf, controlled by Thai billionaire Sarath Ratanvadi, said in an exchange filing that it is offering to buy 2.6mn shares accounting for 81% of Intouch at a 11% premium to Intouch’s closing share price on Friday. Singtel is the largest shareholder owning 21% of Intouch, which it bought from Singapore state fund Temasek in 2016. The Singapore telco also owns 23% of Advanced Info Service. In an exchange filing, Singtel said that it is reviewing its strategic options to ensure that Intouch and Advanced Info shareholders get the full benefit of the intrinsic value of the businesses. It also noted that it views its stake in the two Thai companies as strategic investments, and believes “in the long-term outlook of the businesses”.

Singtel’s new SGD 3.3% perp issued earlier this month traded slightly lower at 101.41 yielding 3.14% to its call date in July 2031.

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