PTT Public Company Limited (SET: PTT) on Thursday unveiled a restructuring plan for its power business, with the objective of enhancing investment and growth.
PTT notified the Stock Exchange of Thailand that its Board of Directors meeting held on 17 February 2022 approved the shareholding restructure of PTT’s power business, the Restructuring Plan. PTT and/or Siam Management Holding Company Limited (SMH), a wholly owned subsidiary of PTT, will purchase 304,098,630 shares of Global Power Synergy Public Company Limited (SET: GPSC), with a par value of THB10.00 per share, equivalent to 10.78% of GPSC’s total paid-up capital, from Thai Oil Public Company Limited (SET: TOP) at the total price of approximately by THB22,351 million which is the price before deducting the dividend which will be paid by GPSC after 31 December 2021 and before the share transfer date.
In case that GPSC announces dividend payment and schedules the date to record the names of the shareholders who are entitled to receive dividend (Record Date) before the share transfer date, the price shall be adjusted to equal to the dividend paid to the purchased shares.
At the time of this disclosure, PTT, SMH,and TOP are currently negotiating and drafting the Share Purchase Agreement of GSPC’s common shares which is anticipated to be signed within April 2022. The shares acquisition is subject to the completion of the Conditions Precedent specified in the Share Purchase Agreement which includes the approval of the Restructuring Transaction by TOP’s annual general meeting of shareholders in 2022.
The Restructuring Plan will enable PTT to increase its investment in the power business through flagship companies which align with PTT’s strategy. Currently, PTT and SMH own 44.45% and TOP owns 20.78% of GPSC’s total paid-up capital. After the Restructuring Transaction, PTT and SMH will own 55.23% and TOP will own 10.00% of GPSC’s total paid-up capital.
