GULF receives shareholders’ approval for bond issuance limit of up to THB 300 billion to be gradually used for refinancing and investments over the next 5–10 years

Gulf Development Public Company Limited (GULF) announced that the Extraordinary General Meeting of Shareholders No.1/2025 held on 30 May 2025 approved the issuance and offering of debentures in an amount not exceeding THB 300 billion. The proceeds will be used to refinance existing debentures and support future investments.

Ms. Yupapin Wangviwat, Chief Financial Officer, stated, “The THB 300 billion represents the maximum issuance limit over the next 5–10 years. GULF plans to gradually issue debentures of approximately THB 30–50 billion per year, depending on funding needs and market conditions at the time.

GULF currently has outstanding debentures totaling THB 185.5 billion, maturing between 2025 and 2035, which are included within the new THB 300 billion limit and will be refinanced accordingly. The remaining capacity will support ongoing and future projects in the pipeline, including domestic and international renewable energy projects, the Map Ta Phut Industrial Port Phase 3 (LNG Terminal), the Laem Chabang Port Phase 3, and digital infrastructure developments such as data centers. The actual bond issuance may be lower than the approved ceiling, subject to GULF’s investment plans and prevailing market conditions.

To ensure long-term financial strength, GULF remains committed to prudent debt management, targeting a net interest-bearing debt-to-equity ratio (Net IBD/E) of no more than 2x over the next five years”