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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