The share price of Global Power Synergy Public Company Limited (GPSC) rose ฿1.50/share or 2.90% to ฿53.25/share in anticipation to book nearly 700 million baht from selling 50% stake in Global Renewable Power Company Limited (GRP) to PTT.
Yesterday PTT Public Company Limited (PTT) Board of Directors approved to acquire a 50% stake on GRP from GPSC to support PTT Groups strategic target of 8GW of renewable energy by 2030. The transaction, with a value of approximately Bt693mn, is expected to be completed by 1Q21.
After the acquisition, PTT and GPSC will each hold 50% stakes in GRP. PTT will also provide financial assistance in the form of a loan of around Bt834mn in proportion of the shareholding to GRP, which becomes PTT Group’s key player for solar and wind energy abroad.