Gulf Energy Development’s board voted to consider making a tender offer to acquire AIS alongside progressing a move to purchase Intouch Holdings, which holds a 40.45 per cent stake in the operator.

The power company’s board recently lowered a US$5.4 billion bid for the holding company, in which it owns a near 19 per cent stake, and stated both tender proposals were dependent on the Stock Exchange of Thailand (SET) approving a request to waive an obligation to make a tender offer for satellite service provider Thaicom.

Intouch Holdings has a 41.1 per cent stake in Thaicom, which Gulf Energy Development does not plan to acquire.

There is speculation the AIS move is a connected to a recent combination of state-owned CAT Telecom and TOT into National Telecom: Bangkok Post reported the power company has close ties with government officials including Digital Economy and Society Minister Chaiwut Thanakamanusorn, who was previously a Gulf Energy Development executive.