Cost of PTT delisting calculated
The Stock Exchange of Thailand (SET) says about 12 per cent of the market's capitalisation would be shaved off if PTT's stock were to be delisted.
The SET has submitted a report to the Finance Ministry concerning the impact if the stock were delisted from the bourse, its president Patareeya Benjapholchai told reporters yesterday. PTT is the SET's largest capitalised stock at Bt628.35 billion, while the SET's total market capitalisation as of Wednesday amounted to Bt5.31 trillion. PTT and its subsidiaries - comprising PTT Exploration and Production, Thai Oil, PTT Chemical, Aromatics (Thailand) and Rayong Refinery - have a combined market capitalisation of Bt1.3 trillion, or about 25 per cent of the SET's overall market capitalisation. PTT is at risk of removal from the stock market after The Federation of Consumer Organisations petitioned the Supreme Administrative Court to delist PTT by scrapping two royal decrees governing its privatisation. The group claims that the decrees violated the 1997 charter and the 1999 State Enterprise Corporatisation Act. Referring to about 50 minor shareholders of iTV demanding earlier this week that Patareeya resign from her position, she repeatedly said the SET had done everything according to normal practice as regards iTV. "I believe that investors who invested in iTV stock would receive information at a certain level, and some had sold out the stock because they were uncertain about the company's business. SET tried to provide information to investors. At the moment, only retail investors have made a complaint while none of the institutional investors have done so," she said. Asked about the SET's road-show plan, she said the exchange would head to Singapore, Vietnam, Malaysia and Indonesia on May 23 and New York and London later in the month. Meanwhile, PTT plans to spend about Bt4 billion to reduce pollution at its plants in the Map Ta Phut Industrial Estate on the Eastern Seaboard, PTT president Prasert Bunsumpun said yesterday. "The company will invest in new equipment to lessen pollutant levels in the area, as required by the government," he told reporters. Siriporn Chanjindamanee The Nation, Dow Jones Newswires
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