June 19, 2018 / 6:41 AM / 6 months ago

Thai Glow Energy shares climb after PTT unveils potential $2.8 bln stake buy

BANGKOK, June 19 (Reuters) - Shares of Thai electricity firm Glow Energy Pcl climbed over 3 percent on Tuesday after state-owned PTT Pcl said its unit Global Power Synergy Pcl proposed to acquire a 69.11 percent stake in Glow from unnamed major shareholders.

GPSC is now negotiating a share sale and purchase agreement with Glow’s major shareholders, PTT said in a statement to the stock exchange on Monday. France’s Engie PA holds a 69.11 percent stake in Glow.

PTT did not indicate a price for the deal but, based on Glow’s current market prices, it could be around $2.8 billion. GPSC would also be required to make a tender offer for the remaining shares of Glow after the 69.11 percent stake purchase.

GPSC shares down 1.4 pct by Tuesday afternoon. ($1 = 32.7100 baht) (Reporting by Chayut Setboonsarng; Editing by Muralikumar Anantharaman)

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