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IRPC board to decide on PTT group merger plans

25
May '10
IRPC informed the Thailand stock exchange that the firm's board, IRPC PCL, will conduct a meeting to take a call on the long-awaited merger of the PTT group.

PTT owns 37 percent stake in IRPC, which is one of Thailand's finest energy generation company and is one of Southeast Asia's biggest integrated petrochemical complex.

The information about PTT merger was given to the stock exchange after a local newspaper reported about IRPC's plans of merging with PTT Aromatics and Refining on the 6:1 ratio, i.e. six IRPC shares for one PTT Aromatics share.

However, according to a PTT insider, the merger news was premature and that, there was no immediate decision.

PTT holds control of over 30 petroleum, oil and gas exploration, petrochemical and refining businesses and it is most likely to merge three of its divisions, PTT Chemical, PTT Aromatics and IRPC.

The merger plans have been delayed since last November and it targets at cost cutting and improving efficiency. The plans are being closely observed by the investors. PTT is likely to complete its merger by the second quarter of this fiscal.

Fibre2Fashion News Desk - India


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