PTTEP approves huge share sale
- Published: 29 Oct 2012 at 22.36
- Online news:
Shareholders of Thailand's PTT Exploration & Production PCL (PTTEP) approved a proposal Monday to raise $3.1 billion by offering up to 650 million new shares in a placement to existing shareholders.
Chief Executive Tevin Vongvanich told shareholders at a Monday meeting the oil and gas exploration company needs to pay for aggressive expansion plans, including in Africa.
The share price in such offers is usually at a discount to market prices to be attractive, Mr. Tevin said.
Shares of PTTEP ended 3.5% higher at 161.5 baht on the Stock Exchange of Thailand.
The company has aggressively expanded overseas in recent years due to depleting oil and gas resources at home.
It now owns stakes in 44 oil and gas projects across 12 countries, including Myanmar, Australia, Oman, Canada and Mozambique.
In July, it outbid Royal Dutch Shell for Cove Energy in a deal worth $2.2 billion.
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