Siam Cement Group acquires new shares in PTT Chemical
Siam Cement Group (SCC) has subscribed the rights offering to buy Bt5.6 billion worth of PTT Chemical Plc (PTTCH) new shares, which would maintain SCC's stake in PTTCH around 20 per cent.
SCC informed the Stock Exchange of Thailand (SET) yesterday that it would acquire 71.8 million new capital-increase shares of PTTCH at Bt78 per share.SCC president Kan Trakulhoon said in a statement to the SET that this transaction would have no significant impact on SCC's capital structure and free cash-flow generation. PRRCH president and CEO Aditheb Bisalbutr reported to the SET that his company would issue 358.97 million capital-increase shares at a subscription price of Bt78 per share. The company will increase registered capital from Bt11.6 billion to Bt15.19 billion. The new capital-increase shares will be offered to existing shareholders at a ratio of 3.151 existing shares to one new share. Meanwhile, PTTCH's shareholders' meeting on Thursday approved the company's acquisition of PTT Polyethylene Co Ltd (PTTPE) and Bangkok Polyethylene Public Company Limited (BPE) through the purchase of 11.5 million ordinary shares of PTTPE and 85 million ordinary shares of BPE from PTT at the price of approximately Bt1.75 billion and Bt2 billion respectively. The purchase means the company will hold almost all of PTTPE's and BPE's ordinary shares. The shareholder meeting also gave the firm the go-ahead to borrow from financial institutions or issuance of debentures approximately Bt12 billion, in addition to an earlier-approved Bt20 billion to be borrowed during a five-year period starting from this year.
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