PTT to become largest shareholder of Thai Olefins

22-Jul-05

Thailand's largest oil and gas conglomerate PTT PCL has bought all of National Petrochemical's 1.03% stake in Thai Olefins PCL, as part of the planned merger of the latter two firms. This amounts to 8.48 million Thai Olefins shares from National Petrochemical at THB58 per share at a total outlay of THB492 million. The shares form 1.03% of Thai Olefins' total shares and represented National Petrochemical's entire stake in the company. PTT will become the largest shareholder of the merged company, yo be registered as PTT Chemicals PCL, with a stake of at least 44.25%. Under the merger plan, PTT will delist National Petrochemical and Thai Olefins from the Stock Exchange of Thailand, merge them, and then re-list the new entity as PTT Chemicals PCL. The new entity is to be registered as a company at the end of the year. Before the conclusion of this transaction, PTT owned 38% in National Petrochemical and 49% in Thai Olefins. Siam Cement PCL holding 25% stake in National Petrochemical and 3.4% stake in Thai Olefins, has agreed in principle to the merger of the two petrochemical firms to form PTT Chemicals PCL, in which it is estimated to hold 18.16% stake.