August 23, 2021
PTT bought 250,000 shares of BGRIM’s subsidiary “B.Grimm Power LNG JV” at a price of 100 baht per share, totaling 25 million baht, to conduct LNG procurement and distribution business.
Mr. Attaphol Rerkpiboon, Chief Executive Officer and President, PTT Public Company Limited or PTT revealed that the Board of Directors’ resolution of PTT Global LNG Company Limited (PTTGL) (a subsidiary which PTT and PTT Exploration and Production Public Company Limited (PTTEP) holding equal shares at 50 percent). of B.Grimm Power LNG JV Company Limited or BGP LNG JV (B.Grimm Power Public Company Limited (BGRIM), formerly held 100%)
250,000 shares at a subscription price of 100 baht per share, totaling 25,000,000 baht. The transaction to purchase the newly issued ordinary shares was completed on August 23, 2021, resulting in PTTGL and BGRIM will Has an equal stake of 50 percent in BGP LNG JV.
In this regard, BGP LNG JV Company has the objective of operating the business of procuring and distributing LNG, as well as seeking other business opportunities in the LNG Value Chain both domestically and internationally. This is the implementation of PTT’s strategic plan towards future energy and creating alliances to increase business opportunities with potential partners.
Mr. Harald Link, Chief Executive Officer of BGRIM, said that on Aug. 23, B. Grimm Power has achieved a successful joint venture with PTTGL, where PTTGL has acquired the capital-raised shares of B. Grimm Power LNG JV Company Limited, 250,000 shares with a par value of 100 baht per share, at a subscription price of 100 baht per share, totaling 25,000,000 baht.
The objectives are to do business together to supply and sell LNG, as well as to seek other business opportunities in the LNG Value Chain both domestically and internationally. This will increase the potential for competitiveness. including expanding the business of B.Grimm Power
The above actions are in accordance with the principles approved by the B.Grimm Power Board of Directors Meeting No. 3/2021 on 24 March 2021.