COV Cove Energy

   By Oranan Paweewun 
 

BANGKOK--PTT Exploration & Production PCL (PTTEP.TH) is unlikely to complete its recapitalization by October as intended but it still aims to complete the fund-raising program by the end of this year, Chief Executive Tevin Vongvanich said Thursday.

The company's board Thursday agreed to cancel a shareholders' meeting scheduled for Friday to allow more time for shareholders to consider the recapitalization before voting on the matter.

Mr. Tevin said that around $3 billion of fresh funds to be raised from the upcoming capital hike will be sufficient for the company's investment over the next three years.

Separately, he said 96%-97% of of Cove Energy PLC's (COV.LN) shareholders have accepted the its cash offer and it expects to start the process of delisting Cove from London Stock Exchange's Alternative Investment Market in September.

Write to Oranan Paweewun at oranan.paweewun@dowjones.com

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