Singtel's (SGX:Z74) Bangkok-listed unit, Intouch Holdings (BKK:INTUCH) and Gulf Energy shareholders approved the resolution to amalgamate which was accepted by the Department of Business Development of the Ministry of Commerce.

Following the amalgamation, a new company named Gulf Development has assumed all assets, liabilities, rights, duties and responsibilities of both companies, according to a filing with the Singapore Exchange on Tuesday.

Shares of Singtel were down over 1% in recent trading.