Bangkok--Dec 14--SET
PTT Chemical Pcl., a leading olefins producer, commences trading in the Petrochemicals & Chemicals Sector today (Dec. 13) with over THB10 billion in paid-up capital and approximately THB90 billion in market capitalization. The company becomes one of the top ten Thai listed companies in terms of market capitalization.
The Stock Exchange of Thailand (SET) announced that the merger between of National Petrochemical Pcl. (NPC) and Thai Olefins Pcl. (TOC) has been completed. PTT Chemical Pcl. is a newly-established firm set to operate an integrated olefins business.
The SET has approved the listing of PTT Chemical Pcl. in the Industrials Industry Group, Petrochemicals & Chemicals Sector, from December 13, 2005, onwards, using “PTTCH” as its trading symbol. As with other newly listed securities, there will be no ceiling and floor prices for PTTCH on its first trading day.
PTTCH will utilize the synergy of two leading firms to cope with global competition. Its synergy and market capitalization should make the Thai market more attractive to both local and foreign investors.
PTTCH has THB11.31 billion in paid-up capital, comprised of 1.13 billion shares with a par value of THB10.00 each. The principal shareholders of PTTCH are PTT Pcl. and Siam Cement Pcl., which hold 50% and 15% of the company’s paid up capital, respectively.
PTTCH’s business can be categorized into five groups: 1) Olefins, 2) Downstream Derivatives, e.g., HDPE (high-density polyethylene resin) and EO/EG (ethylene oxide/ethylene glycol), used in producing polyester fiber and PET bottles, 3) Electricity and Utilities, 4) Jetty and Buffer Tank Farms, and 5) Maintenance and Other Services. PTTCH earnings primarily come from its olefins and downstream derivatives businesses.
According to PTTCH’s 9M/2005 financial statements, the company recorded THB42.26 billion (approx. USD1.03 billion) in total revenues and THB9.27 billion (approx. USD226.10 million) in net profits. Its gross and net profit margins were about 27% and 22%, respectively. Return on its equity was 18%. The company’s dividend payment policy is to pay out no less than 30% of net profits after taxes and reserves, depending upon its investment policy and other necessities.
Mr. Cherdpong Siriwit serves as PTTCH’s Chairman and Mr. Aditheb Bisalbutr is its President and Secretary to the Board of Directors. PTTCH has four committees; the Audit, Selection, Remuneration, and Corporate Governance Committees. Both NPC and TOC had received SET Awards for Best Corporate Governance Reports.
For more information,
please contact the Corporate Communications Dept.:
Ladawan Kantawong Tel: 0-2229-2036
Kulvida Jintakawong Tel: 0-2229-2037
Nattaporn Boonprapa Tel: 0-2229-2049
Watsamon Saowakhonsathien End.