PTT Plc advised the Stock Exchange of Thailand (SET) on Monday that it had successfully completed its business transfer agreement with PTT Oil and Retail Business Plc (PTTOR) on June 18 and begun transferring assets, liabilities and shares in related companies to PTTOR on July 1.
PTT Plc shareholders voted at their annual general meeting on April 28, 2017, to approve restructuring in relation to the transfer of the oil business unit to PTTOR.
They also acknowledged the possibility of an initial public offering of ordinary shares of PTTOR and its listing on the SET in the future.
On April 12 this year, the shareholders acknowledged a progress report on the restructuring.
PTT has supported the business transfer in accordance with procedures, laws, regulations, notifications and rules and taken into consideration comments from authorities and stakeholders so that the restructuring is transparent and thorough and generates benefits for stakeholders.