PTT Exploration and Production PTTEP has taken the first step towards the long-term financing of its acquisition of London-listed Cove Energy with the approval of its board of directors of a new share issue of about Bt98 billion $3 billion. The issue may comprise of up to 650 million ordinary shares, which is equal to 19.6% of the existing share capital, with the final number of shares to be adjusted to meet the fundraising target.
PTTEP didn’t say specifically that the share sale will go towards the funding of Cove, a company with natural gas assets in Mozambique, but noted that it is meant to “support the company’s plan...
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