BPP Shareholders Approve Merger with BANPU to Drive 'Power+' Business Group

BPP shareholders approved the company merger with BANPU and the sale of power plant investment rights in the United States, advancing the 'Power+' business group fully. Isara Niropas, CEO of Banpu Power Public Company Limited (BPP), an international energy producer, stated that the shareholders' meeting approved two strategic transitions: 1) the merger between BPP and Banpu Public Company Limited (BANPU), and 2) the sale of 25% membership interests in the BKV-BPP Power LLC joint venture, which operates natural gas power plants Temple I & II in the United States, to BKV Corporation. The company merger was approved with 2,870,013,816 votes, representing 99.99% of attending shareholders with voting rights. The investment rights sale was approved by 82,513,325 votes, representing 99.87% of attending shareholders. After completing the buyback process in Q2/2024, the shares of BPP and BANPU will be suspended for approximately 10 days to prepare for share allocation and a joint shareholders' meeting. The new company will be established and listed on the Stock Exchange of Thailand in Q3/2024, with BPP shareholders receiving new shares at a swap ratio of 1 BPP share to 0.80208 new company shares. The investment rights sale transaction was completed on January 30, 2024, with a value of approximately $230.3 million, generating $115.1 million in cash and 5,315,390 BKV shares.