Thai Oil Board Green light to increase capital to strengthen financial
Date 20 Feb 2022 time 22:07
Board of Thaioil restructures long-term financial through capital increase and adjustment of investment in GPSC to strengthen financial Prepare for business expansion
Mrs. Wanida Boonpirak Senior Executive Vice President Finance and Accounting, Thai Oil Public Company Limited revealed that “The Board of Directors’ meeting on February 17, 2022 approved the increase of the Company’s registered capital in the amount of 2,751,200,000 baht from the current registered capital of 2,751,200,000 baht. 20,400,278,730 baht, a new registered capital of 23,151,478,730 baht by issuing new ordinary shares in the amount of not more than 275,120,000 shares, with a par value of 10 baht per share.”
The allocation of such capital increase shares will be divided into
Part 1 Public offering of not more than 239,235,000 shares, including the offering of shares to the existing shareholders of the Company. in the proportion of not less than 80% by allocating according to the shareholding proportion. have obligations or duties under foreign law
Part 2 The Company may consider the allocation of excess shares (Over-Allotment) of not more than 35,885,000 shares, representing not more than 15% of the total number of ordinary shares offered at this time. This will be carried out in parallel with the offering of newly issued ordinary shares that are offered to the general public (Public Offering).
Investors can follow more details which will be informed later.
In addition, the Board of Directors also approved the sale of ordinary shares of Global Power Synergy Public Company Limited (“GPSC”) to PTT Public Company Limited (“PTT”) and/or Siam Company Management Holding Company Limited (“SMH”), in which PTT indirectly holds 100% of shares, totaling 304,098,630 shares, representing approximately 10.78 percent of the total issued and paid-up shares of GPSC. The total price is approximately 22,351 million baht, which is the price before dividend deduction of GPSC following December 31, 2021 and before the transfer date (if any), and to bring both items to the annual general meeting of shareholders. in this April for further approval
This capital increase and sale of GPSC shares are mainly aimed at bringing the money that the company has made. received to repay loans to PTT and commercial banks from short-term borrowings (Bridging Loan) which are borrowed to support the Company’s investment in PT Chandra Asri Petrochemical Tbk (“CAP”) in the third quarter of last year. This is part of the company’s long-term financing plan for restructuring.”
Mr. Wirat Uanarumit, Chief Executive Officer and President of Thai Oil Public Company Limited, said, “The Company is confident in its potential to grow into the olefin petrochemical industry by investing in CAP, which is Leading Petrochemical Producer in Indonesia This allows Thaioil to quickly enter the olefin business and complete the business structure. It covers petroleum and petrochemical businesses. Create growth opportunities in Indonesia In addition, this investment is an expansion of trade cooperation between Thai Oil and CAP. Thaioil has entered into an agreement to supply products from the refinery to be used as raw materials to CAP. It has also entered into contracts to supply Polymer Resins and other liquid products of CAP.”
The 2022 Annual General Meeting of Shareholders of the Company will be held on Thursday, April 7, 2022 at 9:00 a.m. at the Bangkok Convention Center, 5th floor, Central Plaza Ladprao. Right to attend the shareholders’ meeting and vote (Record Date) on March 4, 2022