Global Power Synergy Public Company (GPSC), the flagship power unit of Thai energy giant PTT, has completed the purchase of almost all remaining shares in SET-listed Glow Energy and will proceed to delist the latter.
GPSC has acquired over 66.78 million shares of Glow Energy, or a 4.57 per cent interest, to increase its holding to 99.8 per cent, for the purpose of delisting Glow from the local stock exchange, the company said in a filing.
The tender offer and delisting plan had been earlier approved in August, when GPSC decided to buy the shares at 90.8 baht apiece – or $208 million for a planned total of 69.5 million shares. As of July 2019, GPSC upped its stake in Glow Energy to 95.25 per cent.
The target company, which was listed in 2005, saw its stock price dip 1.3 per cent to reach 75.75 baht on Monday. Glow said it earned nearly 8.15 billion baht ($269.19 million) in normalised net profit (NNP) in 2018, a 6.3 per cent decline from 2017. In the first three quarters of 2019, the firm’s NNP fetched more than 6.5 billion baht, representing a 3.4 per cent decrease year-on-year.
Glow Energy is a member of the Glow Group, a Thai energy player with installed capacity of 3,207 MW of electricity and 1,206 tonne per hour of steam.