Bangkok: Gulf Development Public Company Limited’s shareholders have approved a plan to issue up to 300 billion baht in bonds over the next 5-10 years. This decision was made during the Extraordinary General Meeting of Shareholders No. 1/2568 held on May 30, 2568. The bond issuance is intended to refinance existing debt and fund new projects.
According to Thai News Agency, Ms. Yupapin Wangwiwat, the Chief Financial Officer, explained that the approved amount represents the maximum potential issuance. The company plans to release bonds in annual installments of 30,000-50,000 million baht, depending on capital needs and market conditions.
Currently, GULF has outstanding debentures totaling 185.5 billion baht, set to mature between 2025 and 2035. These will be refinanced under the new credit line. The remaining funds are earmarked for investments in new projects, including renewable energy projects, the Map Ta Phut Industrial Port Development Project Phase 3 (LNG Terminal), the Laem Chabang Port Phase 3 proje
ct, and digital business initiatives such as a Data Center.
The company may issue less than the approved maximum depending on its operational plans and needs. GULF aims to maintain financial stability by ensuring its net interest-bearing debt to equity ratio remains below 2 times over the next five years.