Singtel-backed Intouch Holdings, a Thai telecommunication holding company, and Gulf Energy Development, an energy company, agreed to form a joint venture. Financial terms were not disclosed. "For some years now, Singtel and GULF, as major shareholders of Intouch, have been working to streamline the diversified holding structure of Intouch. We believe it is in the best interests of stakeholders to simplify AIS’ shareholding structure and are supportive of this move. We have always preferred to hold direct stakes in our associates and this amalgamation is a step in the right direction," Arthur Lang, Singtel CFO.