Thailand PTT invests in its power arm
Source：Bangkok Post Newspaper
From：Taiwan Trade Center, Bangkok
Update Time：2021/05/13
National Oil and gas conglomerate PTT Plc is increasing its grip on its power generation arm Global Power Synergy Plc (GPSC) to 44.45% from 31.72% in its latest share restructuring move as it aims to increase investment in the power business.
PTT bought GPSC shares through its wholly-owned Siam Management Holding Co (SMH) in a share purchase deal worth 25.12 billion baht, said PTT president and chief executive Auttapol Rerkpiboon. PTT reported its board approved the new shareholding plan to the Stock Exchange of Thailand.
PTT bought 12.73% of shares from PTT Global Chemical Plc (PTTGC) at 70 baht per share. PTTGC and SMH are also preparing for a share purchase agreement, which is scheduled to be signed in May.
The GPSC share price was 72 baht yesterday when the stock market opened.
After the share restructuring, PTTGC will see its ownership in GPSC decrease from 22.73% to 10%.
PTTGC, Thailand's largest petrochemical maker by capacity, is another flagship subsidiary of PTT Group.
PTT set up SMH and Global Management Holding Co as part of its new business expansion plan.
In recent years, PTT has been trying to enter businesses outside the energy sector.
It is seeking new business opportunities that will support the company's future investment in line with the government's S-curve strategy.
The pandemic and Thailand's aging demographics are also seen as a good opportunity for PTT to invest in the healthcare business.
Source: https://www.bangkokpost.com/