The Board of Directors of GPSC gives a green light to a plan of the capital increase of Bt.74 billion for shareholders (Right Offering), treats the shareholders’ right to equal opportunity in the purchase of shares at a ratio of 1 for 0.8819 at a discounted rate of approximately 20% which is at the offering price of Bt.56 per share, calculated from the weighted average price of the shares by 30 consecutive days before. The offering, which will be proposed at the Extraordinary General Meeting of Shareholders on August 28, 2019 is aimed to strengthen the company’s financial status for business expansion. The company also aims to create business synergy following the acquisition of GLOW.

Mr.Chawalit Tippawanich, President and Chief Executive Office of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, said that the company’s Board of Directors on July 26, 2019 approved a plan to raise capital by offering Bt.74 billion in common stocks for financial restructuring to support future investment.

The company will issue not exceeding 1,321.43 million shares for sale of newly-issued ordinary shares to the existing shareholders (Rights Offering: RO) at a ratio of 1 for 0.8819 at a discounted rate of approximately 20% which is at the offering price of Bt.56 per share. It was calculated from the weighted average price of the shares of the company traded on the Stock Exchange of Thailand (SET) of no less than 30 consecutive business days prior to the date on which the Board of Directors resolved to propose the matter on July 26, 2019 (13 June - 25 July 2019) which was equivalent to approximately Bt.70 (based on information from SETSMART of SET). The plan will be proposed at the first Extraordinary General Meeting of Shareholders on August 28, 2019. The Record Date will be on September 4, 2019, and the date for subscription of newly-issued ordinary shares shall be during September 30 and October 4, 2019.

The company will use the proceeds from the capital increase to pay off short-term loan (Bridge Financing) from financial institutions and major shareholders (PTT Public Company Limited and PTT Global Chemical Public Company Limited) that was used to acquire Glow Energy Public Company Limited or GLOW. It will also be used to maintain a financial ratio which is comparable with other companies in the same industry, with an appropriate financial structure that can support current and future project investments.

Following the acquiring of GLOW, the company is in the process of conducting synergy plans, including cost management, human resource development, electricity and steam generation, power plant maintenance and seeking tools for maintenance as well as preparing for various services to serve the demands of current customers and potential customers which will increase in the future, especially with investment in the Eastern Economic Corridor (EEC).

“GPSC and GLOW are working closely to create the high value of synergy in various areas such as production, costs, human resources and expanding services to serve the country’s demand for electricity usage and support sustainable growth for the business,” Mr.Chawalit said.

The company’s future business plan aims to proceed according to its growth strategic plan to grow with PTT Group, expand investment and development in power projects in both domestic and international markets and develop new businesses.

GPSC has a current power generating capacity of 4,986 MW, with several domestic and international projects that are currently under construction and expected to start commercial operation date (COD) this year, including 65 MW of Nam Lik 1 Hydropower Plant (NL1PC), 1,285 MW of Xayaburi Hydropower Plant (XPCL) in Laos and the 45 MW of Central Utility Plants 4 (CUP-4) in Rayong. Apart from this, there are another 3 projects which will start COD in 2020, 2021 and 2023. These include the expansion of Nava Nakorn Power Plant (NNEG Expansion), the power generation from Refuse Derived Fuel (RDF) project and Energy Recovery Unit (ERU).

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