Thai PTTEP to complete $3.1 bln share sale by Oct
BANGKOK, July 24 |
BANGKOK, July 24 (Reuters) - Thailand's top oil and gas explorer, PTT Exploration and Production Pcl (PTTEP), aims to complete a $3.1 billion equity sale before the announcement of third-quarter earnings, Chief Executive Tevin Vongvanich said on Tuesday.
PTTEP reports earnings for the July-September period in late October.
PTTEP, a subsidiary of state-controlled PTT Pcl, Thailand's biggest energy firm, plans to raise $3.1 billion by selling shares -- Thailand's biggest share sale -- to finance its $1.9 billion takeover of Cove Energy Plc, part of an aggressive global expansion.
Earlier, it reported a 31 percent drop in quarterly net profit due to foreign exchange losses and an impairment loss on an overseas project. (Reporting by Pisit Changplayngam; Writing by Khettiya Jittapong; Editing by Alan Raybould)
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