Ratch Acquisition Plan gets Green Light
Bangkok Post, September 19, 2003
Tri Energy's major shareholders agree Major shareholders of Tri Energy Co have approved a plan by Ratchaburi Electricity Generating Holding Plc to purchase a 37.5% stake, or 12.84 million shares, in Tri Energy, according to Ratchaburi managing director Boonchoo Direksathapon.
Ratchaburi is expected to acquire Banpu Gas Power Co, which owns the stake in Tri Energy, sometime in the fourth quarter of this year.
Mr. Boonchoo said the company also had been given confirmation in principle from Tri Energy's creditors that they would consent to the acquisition.
In July, Ratchaburi's board of directors approved the investment in Tri Energy through its acquisition of Banpu Gas Power Co from Banpu Group, valued at 2.1 billion baht.
Ratchaburi expects to arrange an extra ordinary shareholders' meeting to consider and approve the acquisition in early November, Mr. Boonchoo said.
The company is required to obtain a shareholder approval of not less than three-fourths the number of votes.
Ratchaburi is a leading investment firm in power generation. At present, it wholly owns Ratchaburi Electricity Generating Co, the operator of the 3,645megawatt Ratchaburi power plant; and Ratchaburi Energy Co, an 'operator of small renewable energy-fired power plants, which is currently installing minihydro generators in three dam sites of the Royal Irrigation Department: Pasak Cholasit in Lop Buri, Chao Phraya Dam in Chai Nat and Khong Thadan in Nakhon Nayok.
The other two majority shareholders of Tri Energy are the US-based firms Texaco with 37.5% and Edison Mission with 25%.
Ratchaburi shares closed yesterday at 30.25 baht, up 25 satang, in trade worth 100.71 million baht
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