Thailand's Energy Regulatory Commission blocks acquisition of Glow Energy stake
Global Power Synergy Public Company (GPSC) has announced that the Energy Regulatory Commission (ERC) of Thailand has resolved to disapprove the company's application with respect to the agreed acquisition of shares owned by Engie Global Developments B.V. in Glow Energy, equivalent to 69.11% of the total issued shares.
According to ERC’s resolution, the conditions precedent under the share purchase agreement could not be fulfilled in the near future. The commission also concluded that the acquisition would have led to a monopoly in some industrial areas and therefore unfairly reduced competition.
GPSC has stated that it is in the study process on the further procedure and will not make the previously planned tender offer for the remaining shares in Glow Energy until the conditions of the acquisition are fulfilled.
Glow Group is a group of energy companies based in Thailand, with its core business in generating and supplying electricity, steam, clarified, demineralized and chilled water to its customers. Its portfolio includes a total generating capacity of 3,207 MW of electricity, 1,206 tons per hour of steam, 5,482 cubic meters per hour of processed water and 3,400 refrigerated tons of chilled water.
GPSC is a subsidiary of PTT, an oil and gas supplier 51%-owned by the government of Thailand.
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