Bangkok--30 Mar--PTT
To be used for the company’s capital expenditures and to refinance the existing loans in order to further strengthen its position for being Thailand’s national energy company, the success of today’s Loan agreement also reflects positive outlook of PTT as well as the strong confidence of foreign investors toward Thailand amid the ongoing political chaos.
Mr. Prasert Bunsumpun, President & Chief Executive Officer of PTT Public Company Limited (PTT), has signed a US$300-million (around Baht10 billion) Loan agreement with The Bank of Tokyo-Mitsubishi UFJ Ltd., Sumitomo Mitsui Banking Corporation, and Mizuho Corporate Bank, Ltd. The 5-year maturity carrying the Libor interest rate loan will be used for the company’s investment, working capital, and debt refinancing in accordance to the resolution of the company’s Board of Directors and shareholders in January and April 2009 respectively.
Mr. Prasert revealed that being the listed company in the Stock Exchange of Thailand (SET), PTT is under a close monitoring by many parties such as investors, stock analysts, the SET as well as many other local and foreign financial institutions in order to ensure the transparent and auditable management of PTT. Amid the current political chaos together with the pending issues in Mab Ta Phut, the success of today’s Loan agreement has indicated a strong confidence from all involved parties toward PTT as well as Thailand’s macro economy.
Thus, today’s fund raising under such Loan agreement is part of PTT’s financial management plans to bring about Thailand a more energy stability which including the construction of the natural gas pipeline transmission networks, the up-middle- and downstream petrochemical projects as well as other alternative fuel projects to ease the public burden on fluctuated energy prices and high reliability of foreign energy imports.