Thailand's GULF to acquire big majority of GMIM for Vietnam energy expansion

15, Jan. 2021

Image by seagul from Pixabay
Image by seagul from Pixabay

By Chalermlapvoraboon Valaiporn

BANGKOK, NNA - Kolpos Pte. Ltd., a subsidiary of Thai giant energy producer Gulf Energy Development Public Co. Ltd., (GULF) is set for expansion in Vietnam after buying a sizeable majority stake in Global Mind Investment Management Pte. Ltd. (GMIM).

Kolpos will invest 1.2 billion baht ($40 million) to acquire 70.5 percent of ordinary shares of GMIM from Singapore-based company, Nech Opportunities Fund VCC, according to GULF’s filing to the Stock Exchange of Thailand on Thursday.

“The objective of such acquisition is to further expand investments in Vietnam,” said GULF, adding that its board of directors gave their approval for the investment on Jan. 13.

Incorporated in Singapore, Kolpos is a wholly owned subsidiary of GULF. It is responsible for managing general wholesale trade.

Also incorporated in Singapore, GMIM is a holding company that makes both direct and indirect investments in renewable energy businesses such as solar energy, hydropower and wind energy.

It also invests in infrastructure businesses such as cargo port and warehouse as well as agriculture-related businesses in Vietnam, GULF added in the filing.

GULF has five power projects in Vietnam. Two solar projects are in operation while three wind projects will start operation this year.

At the end of 2020, GULF operated installed capacity of 6.4 million kilowatts in total. It expects growth to hit 14.38 million kilowatts by 2027, according to the company’s quarterly teleconference in 2020.