<article>Thailand’s state-owned energy firm <a href="http://www.pttplc.com/en/pages/home.aspx">PTT PCL</a> will sell its 15 per cent stake in oil refinery <a href="http://www.bangchak.co.th/en/index.aspx?AspxAutoDetectCookieSupport=1">Bangchak Petroleum PCL</a> to a state investment fund <a style="color: #000080;" href="http://www.mof.go.th/vayupak/page.php?id=69">Vayupak</a>. This was decided at the company&#8217;s board meeting on Tuesday (February 3)</article>

Thailand’s state-owned energy firm <a href="http://www.pttplc.com/en/pages/home.aspx">PTT PCL</a> will sell its 15 per cent stake in oil refinery <a href="http://www.bangchak.co.th/en/index.aspx?AspxAutoDetectCookieSupport=1">Bangchak Petroleum PCL</a> to a state investment fund <a style="color: #000080;" href="http://www.mof.go.th/vayupak/page.php?id=69">Vayupak</a>. This was decided at the company&#8217;s board meeting on Tuesday (February 3)
PTT plans to sell all of its 27.22 percent in Bangchak after it has been heavily criticized by political lobby groups that it monopolized the country’s oil market.
PTT chief executive Pailin Chuchottaworn told the media that it will sell the remaining 12.22 per cent stake to any interested investors, who give the best offer, at the same price with Vayupak. However, he declined to disclose the price.
He said that this whole sale is expected to be worth at least 10 billion baht ($306 million) and be finalized in this quarter.
Earlier, there were two groups, Thoresen Thai Agencies PCL (TTA) led by Prayuth Mahakitsiri and BCP Corporation led by Pichai Chunhavajira, expressing their interest to buy the stakes.
However, the executive source in PTT said that the junta did not want PTT to sell all its stake to these two groups, who have the connection with the exiled Prime Minister Thaksin Shinawatra.
He also revealed that TTA offered to buy at 36 baht per share and BCP at 27 baht per share.
“Although one of them gives an attractive price, it may not be good enough at this moment,” he said.
Meanwhile, Anusorn Tamajai, independent director and chairman of Audit Committee of Bangchak, said that this deal would not impact negatively on the company’s performance. Instead, it will increase the financial liquidity and reduce its limitation in investment projects, he said.
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Thailand’s state-owned energy firm PTT PCL will sell its 15 per cent stake in oil refinery Bangchak Petroleum PCL to a state investment fund Vayupak

PTT to sell 15% shares in Bangchak to state fund

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PTT to sell 15% shares in Bangchak to state fund

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