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29 July 2003 - Thailand's biggest electricity producer, Ratchaburi Electricity Generating Holding PCL, said Monday it plans to buy a 37.5 per cent stake in Tri Energy Co. Ltd by acquiring all the shares in Banpu Gas Power Co. at a cost of 2.1bn baht ($500 000).
Ratchaburi Electricity said in a filing to the Stock Exchange of Thailand that its board approved the purchase subject to conditions and to approval at an extraordinary meeting of shareholders.
The seller is subsidiary companies of Banpu PCL, a listed coal mining and power company. The Banpu group also holds 15 per cent of Ratchaburi. Ratchaburi said funds raised through the purchase of the promissory notes of Banpu Gas Power Co. Ltd., which holds a 37.5% stake in Tri Energy, will be used to repay loans from the Banpu group to the unit.
Tri Energy currently operates a combined-cycle gas power plant with a 700 MW capacity in the Ratchaburi province, west of Bangkok. Ratchaburi Electricity said the conditions to be met prior to the purchase include the consent of Tri Energy shareholders and creditors.
Tri Energy shareholders must also agree to co-operate with Ratchaburi Electricity in expanding investment in the Ratchaburi province.
Ratchaburi Electricity said earlier that it is also in talks with Banpu to buy a 35 per cent stake in BLCP Power Ltd., in which the Banpu group currently holds 50 per cent. Financial details haven't been finalized.
BLCP is still in the process of obtaining around $1bn worth of loans from domestic and overseas lenders to finance a planned 1350 MW coal-fired power plant.
BLCP is a joint venture between Banpu and the Hong Kong-based China Light & Power International.
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