GPSC Aims to Takeover GLOW with SCB and Phatra as Lead Arranger for ฿100 B.

Global Power Synergy Public Company Limited (GPSC) reveals that the company is preparing to get a 100 billion baht loan to purchase all Glow Energy Public Company Limited (GLOW)’s shares.

GPSC appointed The Siam Commercial Bank Public Company Limited (SCB) and Phatra Securities Public Company Limited as lead arranger. The agreement with the banks will be completed after getting a green light from the extraordinary general meeting of shareholders.

The amount for purchasing GLOW’s shares has been lowered to approximately 139 billion baht from 141 billion baht in accordance to share’s price declined to ฿94.89/share after GLOW’s issued dividend. To pay for the extra 3.5 billion baht, GPSC will get a loan from its parent companies, which are PTT Public Company Limited (PTT) and PTT Global Chemical Public Company Limited (PTTGC). The fund using on purchasing GLOW will be a short-term 1 year loan, then GPSC will revise its financial structure from a short-term loan into a long-term loan, and to be issued an ordinary share afterward.

GPSC also states that the company is still looking for business expansion. Lately, the company is studying a possibility in investment on Thai Oil Public Company Limited (TOP)’s 250 MW power plant. TOP also has a new Clean Fuel Project, which will allow TOP to expand its refinery capacity. Both power plants are set to be completed on 2023. A floating solar farm and Myanmar’s power plant are something worth investing, but the plan will come later as GPSC gives its priority to GLOW.