Thai Oil to Raise $1.1 Billion for Debt Repayment, Expansion
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Thai Oil Pcl is set to raise about $1.1 billion from the sale of a stake in a local power producer and a new share offering to repay short-term loans and fund its business expansion.
The refiner will sell about 11% stake in Global Power Synergy Pcl for 22.4 billion baht ($697 million) to its parent PTT Pcl, according to an exchange filing Friday. The company will also issue 275 million new shares to its shareholders and other investors, it said. The new share sale can raise 14.6 billion baht based on Thai Oil’s closing price of 53.25 baht on Thursday.