Thailand's PTTEP plans share sale of up to $3 billion

Parent company PTT will take up 65% of the deal, leaving about $1 billion to be placed with other investors. The fundraising plan comes after PTTEP wins a bid for African LNG-play Cove Energy.

Thailand's PTTEP plans share sale of up to $3 billion
Cove continues to explore Mozambique's offshore oil and gas resources

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.

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