Energy committee rejects takeover of GLOW by PTT’s subsidiary
PTT Public Company’s attempt to take over Glow Energy Company or GLOW has been blocked by the Energy Regulatory Commission.
An informed source said the commission on Wednesday decided with a unanimous vote to reject the plan of Global Power Synergy Company Limited (GPSC), a subsidiary of PTT Public Company, to acquire up to 69.11 percent stakes in Glow Energy Company or GLOW.
A well-informed source said that the commission thought that the takeover of GLOW through majority control of the company’s stakes could violate the Energy Business Act B.E. 2550 regarding the promotion of competition in the energy sector.
In June, GPSC agreed to buy 69.11 percent stakes in GLOW from French-based Engie Group.
GLOW is an independent power producer. The electricity it generated is sold to the Electricity Generating Authority of Thailand under the small power producer programme.
The source further said the Office of the Auditor-General has been investigating the GLOW deal in response to petitions filed by activist groups.