Electricity Generating Public Company Limited or EGCO reported today the company have been notified by our major shareholder, OneEnergy Thailand Ltd. (“OneEnergy”), holding 23.49 per cent of the total issued share capital of the Company, that CLP Holdings Limited would divest its approximately 50% effective interest in OneEnergy while Tokyo Electric Power Company (“TEPCO”) will be joining Mitsubishi Corporation (“MC”) as its 50:50 partner. TEPCO is the largest electric power company in Japan and the largest privately owned electric utility in the world.
Vinit Tangnoi, EGCO President disclosed that CLP decided to sell its whole stake in OneEnergy due to its adjustment of capital structure and investment.
“We are pleased that TEPCO will become a new major shareholder in EGCO. This alliance will not only strengthen EGCO’s business capabilities as TEPCO is a world leader in development of fuel, power generation as well as transmission and distribution businesses, but it will also help emphasize the EGCO’s mission in “sustainability development” as TEPCO’s 2020 vision is to continue offering services based on low-cost, stable supply of electricity as well as to achieve sustainable growth by pursuing in new social and environmental roles in “leading the low-carbon era
However, the ultimate shareholder change does not require TEPCO to do the tender offer.