Notice of Share Sales in Moolarben Joint Venture
I. Overview of sale
1. Sellers: Korea Southern Power Co., Ltd.(“KOSPO”), Korea Southeast Power Co., Ltd.(“KOEN”), Korea Midland Power Co., Ltd.(“KOMIPO”), Korea Western Power Co., Ltd.(“KOWEPO”) (collectively, "four GENCOs" or “Sellers”)
2. Sell-side Advisor: Samil PricewaterhouseCoopers (“PwC Korea”) and PricewaterhouseCoopers Securities Limited (“PwC Australia”)
3. Asset to be sold
① 5% equity interest in Australia-based Moolarben Joint Venture and Off-take Agreement for long-term coal supply (1.25% each of the four GENCOs)
(*) This is the amount planned to be sold, and the actual amount sold may vary depending on further bidding results, etc.
II. Timetable
1. Interested Parties are required to sign a Non-Disclosure Agreement – Contacts listed Below
① Email: christopher.williams@pwc.com, dennis.tomory@pwc.com, sunghwan.kim@pwc.com
② Deadline of Submission: Wednesday, July 5, 2023, at 15:00 KST (UTC +9), upon receipt of email by the contacts above
2. Bidding process
① Details of the process and timeline will be communicated to the bidders who sign a non-disclosure agreement.
III. Precautions
1. This public notice of the sale and the request for interested parties to sign a non-disclosure agreement etc. is merely a notice of fact and does not constitute an offer or solicitation of an offer under the Financial Investment Services and Capital Markets Act of Korea and its implementing regulations.
2. Please refer to the Teaser for initial details the target assets.
3. All documents relating to the sale, including the Letter of Intent, must be submitted within the specified deadline.
4. Any documents received cannot be cancelled, withdrawn, recalled, exchanged or altered and will not be returned under any circumstances.
5. The exercise of the Right of First Refusal by the existing shareholders of the target company may result in the withdrawal of the offer for the target shares.
6. Any aspect of this Sale, including the above schedule and contents, is subject to change or cancellation at the sole discretion of the Sellers. Also, all decisions and actions in connection with the sale, including the selection of a qualified and successful bidder, and the decision whether to bid or proceed with the sale, are solely within the sole discretion of the sellers, and the recipient shall have no recourse in connection with the sale.
7. The sellers may, in their sole discretion, require any potential investor who has signed a non-disclosure agreement to provide additional information as necessary, and any potential investor who fails to do so may be excluded from the selection as a qualified bidder, and the bidder shall have no recourse against such exclusion.
8. For any other inquiries regarding this sale, please contact Chris Williams on +61-416-095-635, Dennis Tomory on +61-451-341-441, Joo-Ho Choi on +82-2-709-0926 or Sunghwan Kim on +82-2-3781-1519.
May 31, 2023
Korea Southern Power Co., Ltd.(“KOSPO”), Korea Southeast Power Co., Ltd.(“KOEN”), Korea Midland Power Co., Ltd.(“KOMIPO”), Korea Western Power Co., Ltd.(“KOWEPO”)