The shareholders of Intouch Holdings, the majority owner of Thai mobile operator AIS, and Gulf Energy Development approved a proposed merger which aims to simplify the shareholding structure.

In extraordinary general meetings, the boards voted to reduce Intouch Holdings’ registered capital from THB5 billion ($151.6 million) to THB3.2 billion by cancelling about 1.8 million shares.

The tie-up has secured regulatory approvals.

Gulf Energy Development previously stated the move would reduce redundancy in shareholding structures. It holds a 47.4 per cent interest in Intouch Holdings, which has a 40.4 per cent stake in AIS.

In 2021, Gulf Energy tendered THB528.6 billion for AIS and Intouch Holdings.

Singapore-headquartered Singtel owns about 25 per cent of Intouch Holdings.

In exchange for giving up its stake in Intouch Holdings, Singtel will receive about a 9 per cent stake in the merged company and will book an estimated SGD400 million ($306.5 million) gain.

Gulf Energy Development expects the new company to be registered in Q2 2025 and then file a listing application with the Stock Exchange of Thailand.