GPSC aims to make a tender offer for the rest of GLOW's 4.75%, expects to close deal by year end.
GPSC seeks SEC approval for a tender offer for the rest of the 4.75% of shares to be purchased until 28 November 2019. The purchase is part of a plan to delist GLOW from the Stock Exchange at the end of this year.
Mr. Chawalit Tippawanich, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, revealed that the company’s Board of Directors have approved a letter seeking approval from the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) to make a tender offer for Glow Energy Public Company Limited or GLOW for a total of 69,530,219 shares or 4.75%, priced at BHT90.8136 per share, for the purpose of delisting GLOW from being listed on the Stock Exchange of Thailand. The procedures are expected to start at the end of 2019.
The purchasing of the remaining shares has been start during 25 September and 28 November 2019, according to the GLOW’s shareholders meeting resolution in August to delist the company from being listed on the Stock Exchange.
The first tender offer was completed in May resulting in the company taking over 95.25% of GLOW’s total shares. The company is ready to manage the business to move forward with value addition in the energy business in the future.
The company has increased capital for financial restructuring in order to develop the business and improve in terms of technology and innovation related to the energy business. So far, it has been successful in selling additional shares in line with the company’s goal.