02 July 1998
THE RESULT OF EGCOMP SHARES' BIDDING PRICE
No. EGCO 310/262
Date: July 2, 1998
Attn: The President of the Stock Exchange of Thailand
Subject: The result of EGCOMP shares' Bidding Price
Reference to the Cabinet resolutions on 4 November 1997 endorsing the
approval of the National Energy Policy Committee (NEPC) in the meeting
No. 5/1997 on 24 October 1997 to enhance private sector role in power
sector by reduction of shareholding percentage in Electricity Generating
Public Company Limited or EGCOMP (currently EGAT's stake 40.5%) by
Electricity Generating Authority of Thailand (EGAT) through selection of
a strategic investor for 14.9% of EGCOMP shares with EGAT retaining 25.6%
stake in EGCOMP after the sale.
The Selection Committee comprising National Energy Policy Office (NEPO),
the Ministry of Finance (MOF), EGAT and EGCOMP has opened the Price
Envelope of the five bidders in respect of the offer to purchase 78 million
EGCOMP shares (14.9%) on 30 June 1998. The CLP Power International Limited
(the wholly-owned 100% subsidiary of CLP Holdings Limited, listed company
in Hong Kong) was selected as preferred bidder offering the highest price
USD 239,966,012 (approximately Baht 126 per share). All related agreements
will be proceed to EGAT's Board meeting on 17 July 1998.
NEPO, MOF, EGAT and EGCO believe CLP Power International Limited's offer
fully values the EGCOMP shares and represents a strong endorsement of EGCOMP
and the future of the Thai Power Sector and demonstrates foreign investors'
continued confidence in the Thai economy.
Sincerely yours,
Worawit Khamkanist
Managing Director