Bangkok--20 Oct--SET
The Stock Exchange of Thailand (SET) will list PTT Global Chemical plc on its main board and start trading on October 21, under the ticker symbol “PTTGC.”
PTT Global Chemical plc is the result of a merger between PTT Aromatics and Refining (PTTAR) and PTT Chemical plc (PTTCH) to become Thailand’s largest petrochemical and refining company.
“The merger is not only for business expansion by creating valuation and enhancing cost-efficiency, but to also help boost liquidity and market capitalization of the exchange. We believe PTTGC will be able to utilize the advantages of this merger, which has created ASEAN’s leading company in terms of size and product variety. The company will have the highest market valuation in the petrochemicals and chemicals sector,” said Chanitr Charnchainarong, SET’s Chief Issuer & Listing Officer.
“It is a key strategy to build and strengthen business competitiveness following the merger. PTTGC will become chemical flagship of the PTT Group, with an annual petrochemical capacity of 8.2 million tons and a petroleum products capacity of 228,000 barrels per day. It is the country’s largest integrated petrochemical and refining company, with strength in products ranging from upstream to downstream in olefins and aromatics chemical chains. This will help build the company’s business potentiality and reduce risks from fierce competition in the current petrochemical business,” said Veerasak Kositpaisal, Chief Executive Officer of PTTGC.
PTTGC has a paid-up registered capital of THB 45.06 billion, or 4,506 million shares with a par value of THB 10 each. Its key interests include petrochemical and chemical businesses, oil refining and new ready-made petroleum products. Its dividend policy is to pay no less than 30 percent of net profits after taxes and legal reserves. PTTGC’s three major shareholders are PTT plc (48.92 percent), Thai NVDR Co., Ltd. (4.59 percent) and HSBC (Singapore) Nominees Pte Ltd (3.27 percent)