PTT to sell $2.5b stake

PTT to sell $2.5b stake

BANGKOK (AFP): The state Petroleum Authority of Thailand (PTT) said yesterday it planned to raise up to 75 billion baht (US$2.5 billion) through the sale of shares to the public and strategic investors.

PTT governor Pala Sookawesh said the agency and its financial advisors were finalizing a study of the listing plan, likely to be one of the largest in a number of such partial privatizations.

Financial advisors estimated the value of the agency at 250 billion to 350 billion baht, The Nation daily reported.

Thai Finance Minister Thanong Bidaya was in Tokyo Monday taking part in meetings to flesh out an International Monetary Fund (IMF) assistance package including a credit line of up to $15 billion.

One of the IMF conditions attached to the assistance was expedition of state enterprise privatizations.

Pala said the PTT was trying to speed up the implementation of the plan, originally scheduled for late next year.

PTT deputy governor for corporate finance Pichai Chunhavaira said he was confident the plan would be ready for consideration by the board of directors by September.