Bangkok--31 Jan--HSBC
HSBC was the sole financial advisor for PTT Chemical Public Company Limited ("PTT Chemical) in its acquisition of a 46 per cent equity stake in Myriant Technologies Inc. ("Myriant") via a primary share issuance for US$ 60 million.
The transaction, which aims to capitalise on Myriant's leading bio-chemical production technology, also involved establishing a separate Joint Venture between the PTT Chemical and Myriant to grant PTT Chemical the exclusive rights to Myriant's technology in Southeast Asia. The transaction was a negotiated bilateral process and was completed in a period of four months.
Myriant is a US based bio-technology company focused on developing and commercialising specialty chemicals derived from renewable feedstocks, delivering chemical products with a smaller carbon and environmental footprint. Myriant’s current product ready for commercialization is bio-based succinic acid, which is used to manufacture a wide variety of polymers, pigments, solvents, cleaners, and pharmaceuticals.
PTT Chemical, a subsidiary of PTT Public Company Limited (“PTT Group”), is a fully-integrated petrochemical and chemical company that produces and sells a complete range of olefins and related downstream products, such as polymers and oleochemicals. PTT Group, a Thai state-owned enterprise, is the leading integrated oil and gas company which currently owns 49% of PTT Chemical.