Thailand-based Electricity Generating Public Company (EGCO) has submitted a bid to acquire a stake in GS Power as part of its expansion programme.

South Korea’s GS Caltex, the parent company of GS Power, wants indicative bids for a 50% stake in the company by today (14 November), in a deal reportedly worth up to $448.9m.

EGCO is one of the two potential buyers wanting to gain a stake in GS Power, with the other being Japan’s Chubu Electric Power.

In addition, EGCO has changed its investment policy and plans to purchase assets outside South East Asia, reports Reuters.