PTT Sells Majority Stake In Star Petroleum Refining
PTT Plc, Thailand’s state-owned oil and gas conglomerate, has bought its majority stake in Star Petroleum Refining Co. (SPRC), reducing its stake from 36% to 5.41%.
In a press release to the Inventory Alternate of Thailand (SET), Chief Financial Officer Nitima Thepvanangkul stated that PTT gained BHT three.7 billion (USD 112.5 million) from the sale of 234.5 effluent treatment in petroleum refinery ppt games million ordinary shares in SPRC.
SPRC posted a internet profit of BHT 6.Three billion (USD 191.5 million) in the primary nine months this yr, up from BHT 5.9 billion (USD 179.Three million) during the same period a yr in the past.
In 2015, SPRC raised BHT 15.6 billion (USD 474.Three million) through an preliminary public offering of 1.Seventy four billion shares, together with 1.39 billion shares held by PTT Plc, as a part of a plan to spin off SPRC.
PTT wanted to promote its majority stake within the 165,000-barrel-per-day refinery, to alleviate considerations that it controls significant stakes within the country’s oil refineries. Thailand has six refineries. SPRC accounts for thirteen% of the country’s complete refining capacity, but supplies almost a 3rd of petrol demand.
PTT additionally owns significant stakes in three other refiners: Thai Oil, PTT World Chemical and IRPC. In the first half, PTT sold its 15% stake in Bangchak Petroleum Plc to state-run Vayupak Fund and another 12% to Thailand’s Social Security Fund.
PTT Global Chemical
Star Petroleum Refining
Inventory Exchange of Thailand
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