Thai Olefins and National Petchem merger nears completion

23-Sep-05

The merger between National Petrochemical PCL and Thai Olefins PCL is nearing completion, and is expected to be complete by end-November after approval from shareholders of both companies. The consolidation of both firms is part of PTT's strategy to streamline its businesses, and strengthen its competitiveness The stocks of the two companies will be delisted from the Stock Exchange of Thailand, paving the way for the enlarged entity. Th enew entity, to be called PTT Chemicals, is to be listed on the bourse in early December. The listing price of the merged company's shares will be determined by averaging the share prices of National Petrochemical and Thai Olefins prior to the delisting. Pre merger, PTT owned 38% of National Petrochemical and 49% of Thai Olefins.The parent of both firms, PTT, will be the largest shareholder of the merged company with a stake of at least 44.25%.