September 23, 2026, marks the end of the 90-day lock-up period for Singtel's holding in Gulf Development Public Company Limited, or GULF, after Singtel sold a large block of GULF shares earlier. Previously, on June 23, 2026, Singtel sold 416 million GULF shares through a big lot transaction, representing approximately 2.8% of all shares, at an average price of 59 baht per share, for a total value of approximately 24.544 billion baht. After the transaction closed, Singtel still held approximately 739 million GULF shares, or a 4.95% stake. The terms of that sale barred Singtel from selling any additional GULF shares for 90 days, a period that expires on September 23, 2026. After that date, Singtel regains the freedom to sell the remaining 4.95% stake under its corporate strategy. The key issue the market is watching is that the remaining stake is below 5%, because the Securities and Exchange Commission's 246-2 reporting threshold for the acquisition or disposal of securities requires reporting whenever a holding changes through every 5% level of total voting rights. So if Singtel sells shares below the 4.95% level without crossing another reporting threshold under the rules, it no longer has an obligation to file a 246-2 form for each sale. The reason the market is concerned that Singtel may sell more shares stems from its Asset Recycling strategy under the Singtel28 plan, which targets the 2028 financial year for pulling capital out of non-core assets to reinvest in businesses it prioritizes more, particularly digital infrastructure, artificial intelligence, data centers, and telecommunications. If Singtel wants to sell all of its remaining approximately 739 million shares, that volume is 1.8 times larger than the block it sold in June, which could create psychological pressure on the share price. On the other hand, the June big lot transaction reflected that 416 million shares could be absorbed at a discount of only about 2-4% from the closing price, which analysts at the time saw as a sign of relatively strong demand from institutional investors. Singtel's lock-up expiry is a supply-side and short-term sentiment pressure factor, but it does not directly change GULF's earnings or operating fundamentals.
Gulf Energy Development Public Company LimitedLock-up expiry frees Singtel to sell its remaining 4.95% GULF stake, potentially adding ~739 million shares of selling pressure on GULF.
