OR Submits a “Filing” to SEC, PTT to Hold 75% Stake and Maintain State Enterprise Status

PTT Public Company Limited (PTT) issued that on April 2, 2020, PTT Oil and Retail Business Public Company Limited (OR), which is PTT’s wholly-owned subsidiary, has filed an application for the Initial Public Offering of its newly issued ordinary shares (IPO), including its registration statements and its draft prospectus, to the Office of the Securities and Exchange Commission and concurrently filed its application for the listing of its common shares on the Stock Exchange of Thailand.

 

In its IPO, OR will offer up to 2,700,000,000 newly issued ordinary shares, excluding any additional shares to be offered for the purposes of the over-allotment option. OR will allocate up to 300,000,000 of the newly issued ordinary shares exclusively to the group of existing shareholders of PTT who are entitled to such allocation, on a pro-rata basis according to their respecting shareholding in PTT, as a pre-emptive right. 

 

In case the demand for newly issued ordinary shares exceeds the provided amount, OR shall issued up to an additional 300,000,000 shares to the over-allotment agent in order to return the OR shares it borrowed from PTT for the over-allotments, if any. After the IPO of OR, PTT will remain hold 75% of the total issued and offered shares of OR.

 

The IPO will be carried out by OR subsequent to obtaining the approval of the offering of its newly issued ordinary shares from the SEC Office and once the Prospectus is effective, subject to certain conditions being met by OR prior to the registration of the change in the paid-up capital of OR.