PTT Public Company Limited (SET:PTT) agreed to acquire an additional 10.78% stake in Global Power Synergy Public Company Limited (SET:GPSC) from Thai Oil Public Company Limited (SET:TOP) for THB 22.4 billion on February 17, 2022. PTT to acquire 304,098,630 shares of GPSC. Consideration will be paid in cash. PTT and TOP are currently negotiating and drafting the Share Purchase Agreement of GSPC's common shares which is anticipated to be signed within April 2022. The shares acquisition is subjected to the completion of the Conditions Precedent specified in the Share Purchase Agreement which includes the approval by no less than three-fourths of TOP's shareholders and convene a board of directors' meeting to consider approving the execution of transaction. The Board of Directors of PTT approved the transaction. As of April 7, 2022 Thai Oil Public Company Limited (SET:TOP) shareholder approved the deal.

The Share Sale Transaction is intended to derive proceeds for TOP to primarily repay the loan to PTT under the credit facility agreement with PTT for financial assistance in the form of bridging loan and to repay the loans to commercial banks for financial assistance in the form of bridging loan. Avantgarde Capital Company Limited acted as financial advisor and fairness opinion provider to Thai Oil Public Company Limited.

PTT Public Company Limited (SET:PTT) completed the acquisition of an additional 10.78% stake in Global Power Synergy Public Company Limited (SET:GPSC) from Thai Oil Public Company Limited (SET:TOP) on June 7, 2022.