BANPU board approves merger with BPP: SET informed

Banpu Plc (BANPU) has informed the Stock Exchange of Thailand that its board of directors has approved the merger with Banpu Power Plc (BPP). The merger will be carried out under the Public Limited Company Act BE 2535.

The SET was informed that both BANPU and BPP would lose their entity status and be merged into a new public company. The new public company will inherit the assets and liabilities of both BANPU and BPP.

The SET was also informed that a joint meeting of shareholders from both BANPU and BPP will be held on January 29 to decide the name of the new public company. It is expected that the new company will use the name Banpu Plc with the "BANPU" initials in SET trading.

The SET was further informed that the BANPU board has also approved the buyback of BPP shares through a general offer before the merger, enabling BANPU to increase its investment ratio in BPP prior to the merger.

The BANPU board has also approved its wholly-owned company, Banpu Mineral Co Ltd (BMC), as the buyer of shares from corporations and individual shareholders who attend the shareholder meeting and vote against the merger.

The SET was informed that the merger aims to enhance mobility and investment opportunities as part of Banpu's "Energy Symphonics" strategy.

Banpu stated that its restructuring through the merger would enhance the efficiency of its structure and improve its potential to implement business strategies, while clearly positioning its business direction.

The new merged company will have fully paid-up capital of 40,496,219,730 baht in 4,049,621,973 ordinary shares at the listed price of 10 baht per share.

The new company shares will have the following swap ratio for current shareholders of BANPU and BPP:

• 1 share in BANPU per 0.35575 share in the new company
• 1 share in BPP per 0.74615 share in the new company.