GULF Sends Letter to Stock Exchange Confirming Kasikorn Bank Shareholding Within 10%

On February 16, 2024, Yupaphin Wangwiwat, Chief Financial Officer of Gulf Development Public Company Limited, signed two letters to the Stock Exchange of Thailand (SET). The first letter detailed the company's acquisition of Kasikorn Bank shares, which was reported on February 13, 2024, resulting in a shareholding reaching or crossing 10% of the bank's total voting rights. The company emphasized that this acquisition is in compliance with regulatory requirements and does not exceed the Bank of Thailand's 10% shareholding limit. In a second letter, Gulf Development explicitly stated that it has no intention to interfere with the bank's business policy, management structure, or operational decisions. The company affirmed its commitment to good corporate governance and recognizes that policy direction and business management are the responsibilities of the bank's board and management team.