Global Power Synergy Public Company Limited (SET:GPSC) made an offer to acquire the remaining 4.75% stake in Glow Energy Public Company Limited (SET:GLOW) from its minority shareholders for THB 6.3 billion on September 24, 2019. Global Power Synergy Public Company Limited will acquire a total of 69.53 million shares at THB 90.8136 per share. Global Power will make a payment for the tendered shares in cash to all shareholders who accept the tender offer. In this regard, the source of funds to be used in this tender offer is from the available credit facility from The Siam Commercial Bank Public Company Limited in the amount of not exceeding THB 6.19 billion in which is the remaining loan amount from the credit facility used for the acquisition of the business and the previous tender offer (on March 22, 2019) under the facility agreement that Global Power has entered with The Siam Commercial Bank Public Company Limited and Krung Thai Bank Public Company Limited on March 11, 2019 and a loan facility for supporting general business activities from The Siam Commercial Bank Public Company Limited in the amount of not exceeding THB 1 billion, totaling not exceeding THB 7.19 billion. Global Power Synergy Public Company Limited currently holds 95.25% stake in Glow Energy Public Company Limited and post completion will hold the entire 100% stake in Glow Energy Public Company Limited. Global Power plans to delist the securities of Glow Energy Public Company Limited post completion of the transaction. The status of Glow Energy Public Company as a listed company on the Stock Exchange shall cease; however, Glow Energy Public Company will remain in operation and remain its status as a public company limited.

Following the completion of the tender offer, Global Power Synergy Public Company Limited may have a plan to change the directors and management of Glow Energy Public Company. The transaction was considered and resolved to approve by the Board of Directors Meeting No. 6/2019 of Global Power Synergy Public Company Limited on June 19, 2019. As on October 22, 2019, the Board of Directors of Glow Energy Public Company Limited unanimously resolved that shareholders should accept the offer. The offer period will be a total of 45 business days, from September 25, 2019 to November 28, 2019. Avantgarde Capital Co., Ltd acted as financial advisor to Global Power Synergy Public Company Limited. Jay Capital Advisory Limited acted as financial advisor to Glow Energy Public Company Limited. Jay Capital Advisory Limited resolved that shareholders should accept the offer.

Global Power Synergy Public Company Limited (SET:GPSC) completed the acquisition of 4.6% stake in Glow Energy Public Company Limited (SET:GLOW) from its minority shareholders for THB 6.1 billion on December 2, 2019. As per the terms, Global Power Synergy Public Company acquired 66.8 million shares.