The Thai government-backed PTT Exploration and Production postponed a shareholder meeting planned for yesterday, saying its shareholders needed more time to consider details of a $3.1 billion (€2.47 billion) equity sale to be used partly to fund the purchase of Cove Energy.
PTT EP gave assurances, however, that the delay would not hamper its planned $1.9 billion purchase of Cove Energy.
Last month it won a protracted battle against Royal Dutch Shell to buy Cove Energy, which holds a position in huge natural gas fields off the Mozambique coast.
State-controlled energy firm PTT, which owns 65.29 per cent of PTT EP, has agreed to support the capital raising, leaving little doubt over the success of Thailand’s biggest yet equity sale.
The delay reflected some shareholders’ concerns they would not be treated as fairly as PTT under the fundraising plan, PTT EP chief financial officer Penchan Charikasem said. He said the meeting would be held later this year and the company affirmed it would proceed with the capital increase. – (Reuters)
