Esso appoints financial advisers for SET listing
Esso (Thailand) has appointed Phatra Securities and Morgan Stanley as financial advisers for the listing of the US oil company's Thai unit on the Stock Exchange of Thailand.
Energy permanent secretary Pornchai Rujiprapa, chairman of the committee to monitor the company's listing, said Esso had recently informed the committee of the appointment. An Energy Ministry source said the financial advisers aimed to finish the listing plan within four months. Esso, the second-largest oil company in the country, will also have to urgently complete a debt restructuring in order to make its shares attractive to potential investors, the source said. Esso posted total revenue of Bt210 billion and net profit of Bt2.3 billion last year, versus total revenue of Bt190 billion and net profit of Bt7.5 billion in 2005. In 2004 its total revenue stood at Bt150 billion with net profit of Bt2.8 billion. Esso is under pressure for the listing, amid the slump in the number of newly listed companies. Patareeya Benchapholchai, president of the Stock Exchange of Thailand, earlier said the exchange could miss its target to welcome 60 new companies this year due to political and economic conditions. The stock exchange is eager to find new products to draw more investment. While Total Access Communication is expected to be the largest stock to debut this year, many energy companies are being targeted for their rosy growth potential amid rising oil prices. The Finance Ministry now holds a 12.5-per-cent stake in Esso. Representing it on Esso's board of directors is Karujit Nakornsap, deputy energy permanent secretary. "Listing a company must bring in good results and benefit many, not just boosting the number of newly listed companies," he noted. The Nation
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