Hot! 2-Thai PTTEP May Change Terms of $3.1 Bln Share Sale

Reuters | Thailand’s state-backed PTT Exploration and Production Pcl (PTTEP) has postponed a shareholder meeting called to approve a $3.1 billion fundraising and may change the terms to address minority investor concerns about dilution. PTT Pcl, which own over half of PTTEP, is backing the capital raising, under which the right to subscribe to a proportion of shares equivalent to its existing holding.

However, the remainder of the issue is being sold as a public offering, leaving minority shareholders worried about competition from other investors and potential dilution of their holding. PTTEP gave assurances, however, that the delay, coming just a day before the meeting that had been due to take place on Friday, would not hamper its planned $1.9 billion purchase of Cove Energy.

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