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PTT : Wins Thailand SEC Greenlight for $1.8 Billion Retail Unit IPO

01/15/2021 | 03:17am
(MT Newswires) -- The initial public offering of the PTT Oil and Retail Business, or PTTOR, Thailand's largest fuel-retailer, was given a long-sought thumb's up by the nation's Securities and Exchange Commission (SEC) on Thursday.

PTTOR plans to offer up to $1.8 billion in common stock, offering ownership in the company's 2,297 gasoline stations, as well as 3,440 Cafe Amazon coffee houses and 2,046 convenience stores, which often cluster around PTT fuel pumps.

PTTOR is the retail arm of the state-owned energy conglomerate PTT (BKK:PTT), which first applied for the right to spin off the PTTOR retail unit in 2018. The spin-off was slow to mature because asset transfers from the state-owned parent company needed approval from the national Public Private Partnership Committee.

PTTOR also operates some foreign facilities, and oil-storage and distribution centers, but its main business is retailing fuel, which accounts for 91% of revenues, the company reported in public filings.

Despite the COVID-19 pandemic that has crippled Thailand's vital tourism industry and slowed the nation's economy, the IPO business has been strong in Bangkok. In 2020, mall operator Central Retail raised $2.6 billion in an IPO, while SCG Packaging listed in a $1.51 billion initial offering, among other deals.

The broad-gauge Bangkok SET is off 5.0% year-over-year, but up 23.2% in the last three months.

© MT Newswires 2021
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