Sea Horse to take over Power Energy
Sea Horse is set to acquire a controlling stake in Power Energy for Bt150.48 million as part of its plan to shift its core business away from frozen seafood to energy, following a change in major shareholders.
Sea Horse did not say how many shares it would buy in Power Energy but did say Supin Rojanapruek was currently Power Energy's main shareholder, with 99.95 per cent. "Sea Horse will buy common shares from Power Energy's shareholder at book value," the company told the Stock Exchange of Thailand. Power Energy is building an ethanol plant in Kamphaeng Phet province. When it is completed in early 2008, it will have a daily production capacity of 400,000 litres. Power Energy has paid-up capital of Bt153.75 million. Its total assets of Bt150.48 million equals its shareholders' equity of the same amount. Earlier, Sea Horse said its two new shareholders, Vorajet Intamara and Sompoch Arhunai, who acquired a combined 2.6 billion shares, or 93.53 per cent, would launch a tender offer between November 1 and December 6. They have already paid Bt1.64 billion for the shares. After the change in shareholder structure, the company said it would enter into more profitable businesses, including energy and high technology, while its current core business in the future would contribute minimal income. Sea Horse shares yesterday closed at Bt3.90, up 2.63 per cent. The company's second-quarter earnings plunged into a net loss of Bt22.87 million, compared with a Bt15.17-million net profit in the same period last year. Its first-half net loss amounted to Bt41.96 million, against a Bt12.16-million net profit in last year's first half.
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