Bangkok--Oct 26--PTT
PTT Exploration and Production Public Company Limited or PTTEP will sell its common shares in Thaioil Power Company Limited totaling 73,060,000 shares or 26% of Thaioil Power’s paid-up capital, to PTT Public Company Limited or PTT. The share sale was approved by the board of directors on October 21 and PTTEP will seek approval from the shareholders meeting in December 2005.
The shares, currently held by PTTEP International Limited, a subsidiary of PTTEP, will be sold at the price of about 31.48 Baht per share and PTTEP will receive a total consideration of Baht 2,300 million. PTTEP will make a book gain from sale of investment of approximately Baht 650 million.
Thaioil Power is an electricity generating company which operates a Combined-Cycle Co-generation Power Plant with electricity generating capacity of 118 megawatt (MW) and steam production capacity of 168 tons/hr. It earns 25% of its income from sale of electricity to EGAT Public Company Limited and 75% from sale of electricity and steam to Thai Oil Public Company Limited and its affiliates. Thaioil Power also holds 56% equity in Independent Power (Thailand) Company Limited which operates a 700 MW gas-fired Combined-Cycle Power Plant. All electricity generated is sold to EGAT.
PTTEP President Mr Maroot Mrigadat said “PTTEP sells shares in Thaioil Power because we want to focus on our core business in exploration and production of petroleum, however, in the future PTTEP might consider investing in electricity generating business in foreign countries if there is a need to create a gas market for the natural gas fields that PTTEP already has ownership.
For more information,
Please contact Sidhichai Jayant/ Panlop Limsakul/Jakra Srinagananad
External Relations Department Tel. +66 (02) 537 40000 End.