PTTEP sets preferential offering price at Bt142 per share

PTT Exploration and Production PTTEP, the state-backed oil and gas company that earlier this year won the bidding for London-listed Cove Energy, has set the price for its upcoming Bt92.3 billion $3 billion preferential public offering at Bt142 per share.

The price translates into an 8.1% discount to the closing price last Wednesday and a 6.9% discount to the theoretical ex-rights price Terp based on that same closing price.

Existing shareholders will be able to buy 0.195783 new shares for each share they own now, or just under one new share for every five existing ones, resulting in the issuance of 650 million new shares. The...