SPCG Deal and Energy Ministry Change Rattle GULF Shares

M&A · PartnershipManagement
โดย InfoQuest·TH·Read original
Summary · why it matters

The acquisition of a 57.46% stake in SPCG by a Finansa group linked to Sia Beang, along with an offer to buy the remaining shares at 9.11 baht per share, for a total maximum value of approximately 9,618 million baht, has put the market on alert over a shift in the balance of power in Thailand's energy business. In particular, the appointment of Channathan Wanjajorn as the new Permanent Secretary of the Ministry of Energy could affect the PDP plan and renewable energy projects. GULF's share price fell from 67.50 baht on August 6, 2026, to 62 baht on September 1, a drop of about 8%, despite the company posting a record normal profit in Q2/2026 of 12,332 million baht, up 74% year-on-year. The selling pressure may stem from profit-taking after the stock surged nearly 60% in seven months, rotation into small power plant stocks like BGRIM, uncertainty over the PDP and Direct PPA, and rising political risks. Meanwhile, the market is also watching for possible management changes in the PTT group following the change of the Permanent Secretary. However, there is no evidence that GULF's projects or contracts will be affected, and the company's fundamentals remain strong thanks to its diversified revenue.

Impact on stocks 4

Energy Transition & Power Demand± Mixed · 4 stocks
SPCG Public Company Limited
SPCG
▲ PositiveCapitalrelevance

Acquisition offer at 9.11 baht per share, with total value up to 9,618 million baht, likely to benefit shareholders.

PTT Public Company Limited
PTT
± MixedRegulationrelevance

Possible management changes in PTT group following the change of Permanent Secretary, but no concrete impact.

Theme Impact 1

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