PTT Exploration and Production will raise Bt92.3 billion from the nation's biggest equity offering |of up to 650 million shares |after being two times oversubscribed.
The company also plans to propose a five-year investment plan to its board by year-end.
The preferential public offering of new ordinary shares of PTTEP received overwhelming response from eligible existing shareholders during the |subscription period from December 3-6 and attracted |considerable demand from |institutional investors who participated in the book-building process.
Eligible existing shareholders (excluding PTT) as well as institutional investors who participated in the book-building process together indicated a demand for twice the number of new ordinary shares offered.
This does not include the number of shares to which PTT was entitled pro rata to its shareholding.
The remaining shares have been allocated to institutional investors from book-building.
PTT, as the largest shareholder, supported PTTEP's capital increase by subscribing to a total of 424,359,789 new ordinary shares, amounting to about Bt60.25 billion, to maintain its stake in PTTEP at about 65.29 per cent.
The public offering will raise Bt92.3 billion, the largest amount ever raised in a public offering in Thailand.
The proceeds will be used |to repay loans from financial institutions, fund future exploration and production activities including accretive merger and acquisition opportunities, and fund other general corporate expenses.
After the completion of the offering, all new ordinary shares will be delivered to the subscribers' securities accounts by next Monday and commence trading on the Stock Exchange of Thailand from December 19 onwards.
"The overwhelming response we received from PTTEP shareholders and the overwhelming interest from institutional investors clearly reflects the high level of confidence they place on PTTEP and our potential to expand our footprint and become a regional exploration and production leader," president and chief executive officer Tevin Vongvanich said.
"I would like to thank our shareholders and the institutional investors for participating in the public offering and helping to make it a success."
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Article source: http://www.thethailandlinks.com/2012/12/12/pttep-overwhelmed-by-demand-for-equity/
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