Thailand News: PTTEP shares will fall at least 13%, but will recover in 2013
PTTEP shares will fall at least 13%, but will recover in 2013 after a new rights issue was announced.
PTT Exploration and Production Pcl is offering new shares at a discount of as much as 12.6 percent for its planned up to $3.1 billion equity offering, as it raises funds for expansion and to pay for the purchase of UK-based Cove Energy.
The Thai state-owned company’s equity raising is Thailand’s biggest ever, and underscores a boom in equity capital market deals in Southeast Asia’s rapidly growing economies.
PTT Exploration and Production (PTTEP) is offering 650 million shares in a range of 135-145 baht each, according to a term sheet of the deal seen by Reuters on Thursday. That represents a discount of 6.1-12.6 percent to Wednesday’s close. The stock was down 1 percent in early Thursday deals.
Current shareholders have priority to participate in the offer ahead of other investors. Thailand’s top energy firm PTT Pcl, which owns 65.3 percent of PTTEP, is fully supporting the fund raising.
At the top of the range, the offer would raise 94.25 billion baht ($3.1 billion), surpassing a previous record of $1.6 billion set in 1999 by Siam Commercial Bank Pcl, according to Thomson Reuters data.
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Linda Johnson,
Business Development Director – Private Client Group,
Heffernan Capital Management
Sales@Heffcap.com
Singapore
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Heffernan Capital Management
Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com
Singapore
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
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Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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