AGL 38.55 Decreased By ▼ -0.01 (-0.03%)
AIRLINK 200.83 Decreased By ▼ -6.94 (-3.34%)
BOP 10.19 Increased By ▲ 0.13 (1.29%)
CNERGY 6.57 Decreased By ▼ -0.51 (-7.2%)
DCL 9.68 Decreased By ▼ -0.31 (-3.1%)
DFML 39.90 Decreased By ▼ -1.24 (-3.01%)
DGKC 97.67 Decreased By ▼ -5.79 (-5.6%)
FCCL 35.10 Decreased By ▼ -1.25 (-3.44%)
FFBL 86.00 Decreased By ▼ -5.59 (-6.1%)
FFL 13.95 Decreased By ▼ -0.65 (-4.45%)
HUBC 130.45 Decreased By ▼ -8.98 (-6.44%)
HUMNL 14.00 Decreased By ▼ -0.10 (-0.71%)
KEL 5.64 Decreased By ▼ -0.33 (-5.53%)
KOSM 7.30 Decreased By ▼ -0.56 (-7.12%)
MLCF 45.60 Decreased By ▼ -1.68 (-3.55%)
NBP 66.38 Decreased By ▼ -7.38 (-10.01%)
OGDC 221.50 Decreased By ▼ -1.16 (-0.52%)
PAEL 38.45 Increased By ▲ 0.34 (0.89%)
PIBTL 8.96 Decreased By ▼ -0.31 (-3.34%)
PPL 196.85 Decreased By ▼ -9.00 (-4.37%)
PRL 38.85 Decreased By ▼ -1.00 (-2.51%)
PTC 25.60 Decreased By ▼ -1.02 (-3.83%)
SEARL 104.50 Decreased By ▼ -5.74 (-5.21%)
TELE 9.06 Decreased By ▼ -0.17 (-1.84%)
TOMCL 36.41 Decreased By ▼ -1.80 (-4.71%)
TPLP 13.64 Decreased By ▼ -0.13 (-0.94%)
TREET 25.20 Decreased By ▼ -1.25 (-4.73%)
TRG 58.10 Decreased By ▼ -2.44 (-4.03%)
UNITY 33.55 Decreased By ▼ -0.59 (-1.73%)
WTL 1.73 Decreased By ▼ -0.15 (-7.98%)
BR100 11,896 Decreased By -402.5 (-3.27%)
BR30 37,383 Decreased By -1494.9 (-3.85%)
KSE100 111,070 Decreased By -3790.4 (-3.3%)
KSE30 34,909 Decreased By -1287 (-3.56%)

Thailand's energy regulator said Thursday it would block PTT Group's multibillion-dollar acquisition of a company owned by French energy giant Engie on grounds that it could create a electricity monopoly in some areas. Engie signed a deal with Thai group Global Power Synergy Public Company (GPSC), part of state-owned PTT, in June to sell a 69.1 percent stake in Glow, an independent coal-powered energy producer listed on the Thai Stock Exchange.
The sale would have been worth an estimated $3 billion. But Narupat Amornkosit, secretary general of Thailand's Energy Regulatory Commission (ERC), said in a statement that a unanimous decision was made to block the sale. "After the ERC discussed, it found that the acquisition might lead to a monopoly within the electricity producing companies in some industrial areas, which would reduce competition," Narupat said. GPSC is "exploring new alternatives" following the decision, president Chawalit Tippawanich in a statement.
The firm also insisted that it "strictly and completely followed legal requirements," and that GPSC would discuss the development with Engie. An ERC spokesperson told AFP the company could also appeal against the decision. The planned sale of Engie's stake in Glow was a part of the French energy giant's strategy to reduce its carbon footprint.
Faced with the upheaval of the European energy sector, Engie hoped to shift to renewable energies and energy services, which would have been regulated - therefore making it less susceptible to market shifts. The group has a sizeable presence in Southeast Asia via its stake in Glow, which operates in Thailand and Laos with 800 employees.

Copyright Agence France-Presse, 2018

Comments

Comments are closed.