GPSC's Board of Directors approves the plan to delist GLOW from SET after making tender offer to buy remaining 4.75% shares.
GPSC’s Board of Directors approves plan to delist securities of GLOW from the Stock Exchange of Thailand (SET) and starts the tender offer allowing minority shareholders to sell the remaining 4.75% of GLOW securities at Bt.90.8136 per share.
Mr. Chawalit Tippawanich, President and Chief Executive Officer of Global Power Synergy Public Company or GPSC, the innovative power flagship of PTT Group, said the company’s board of directors has approved on June 19, 2019 the delisting of the securities of GLOW from being the listed securities on the Stock Exchange of Thailand. As a result, the company will start the tender offer for the remaining GLOW securities of 69,530,219 shares, or 4.75%, at the price of Bt.90.8136 per share. For more information, please find a notification letter to SET on June 19, 2019. However the plan must be approval by GLOW’s shareholders and the schedule of tender offering period is expected to be during September and November 2019.
“GPSC as a major shareholder will accelerate working on share purchasing process on fair basis to protect the right of minority shareholders and to comply with corporate governance on the tender offer process. Moreover, GPSC and GLOW will synergize our businesses to create more value added services in order to raise the energy security of our country and maximize the efficiency of energy management,” said Mr. Chawalit.
GPSC has completed the first tender offer from March 25 to May 17, 2019 and there were shareholder offers to sell a total amount of 382,358,783 shares, or 26.14%. Therefore GPSC becomes the major shareholder of GLOW, holding 95.25%. The company is continuing the process to reorganize in order to bring both GPSC and GLOW’s capabilities for synergy development which will drive business growth both domestically and internationally in technology and innovations.