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Telecommunication

Thai tycoon makes $5.4bn buyout bid for nation's top mobile telco

Billionaire Sarath seeks to take back Thaksin-founded AIS from Singapore

Thai major private power firm proposed an offer on Monday to buy out Intouch Holdings.(Source photos by screenshot from Gulf Energy Development and Intouch Holdings websites) 

BANGKOK -- Gulf Energy Development, an up-and-coming Thai conglomerate known for its power generation business, on Monday proposed a buyout of InTouch Holdings, the largest shareholder of Advanced Info Service, the kingdom's largest mobile operator.

Gulf Energy, which held an 18.93% stake in InTouch as of Friday, plans to buy the rest of the telco's issued shares at 65 baht each. The Bangkok-based company will have to prepare 169 billion baht ($5.4 billion) to acquire the 2.6 billion shares.

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