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.
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