Thailand's EGCO bids for stake in South Korea's GS Power

Thailand's Electricity Generating Pcl or EGCO has submitted a bid for a stake in GS Power, a subsidiary of South Korea's GS Caltex, as part of an expansion drive.

"We have already submitted the bid," EGCO President Sahust Pratuknukul declared.

GS Caltex, South Korea's second-largest crude oil refiner, wants indicative bids for a 50 percent stake in fully owned subsidiary GS Power by Nov. 14, a company spokesman said, in a deal reportedly worth up to 500 billion won or US$448.9 million.

EGCO, along with Japan's Chubu Power, have shown interest in the stake. The other was Japan's Chubu Electric Power.

EGCO, Thailand's second-largest private power producer, has changed its investment policy and is looking to buy assets outside Southeast Asia after a change in its shareholding structure, the company has said.

It has interests in 14 power plants in Thailand, Laos and the Philippines with a combined capacity of about 4,417 MW and accounts for about 12 percent of Thailand's generating capacity.

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