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PTT, three agencies sign deal to buy 61.5% of TPI.
Jun. 2--The $2.7-billion debt restructuring for Thai Petrochemical Industry moved another step forward yesterday after PTT Plc and three other state agencies signed an agreement with the Finance Ministry to take a combined 61.5 percent stake in the company.
Under the plan brokered by the Finance Ministry, TPI will sell 11.65 billion new and 5.89 billion existing shares to the new investors and existing shareholders at 3.3 baht per share, raising 57.92 billion baht for debt repayment to TPI creditors. The share offering represents 90 percent of TPI's registered capital.
PTT Plc will purchase 6.14 billion shares, representing 31.5 percent of TPI, with the Government Savings Bank, the Government Pension Fund and the state-run Vayupak Fund taking up 10 percent each.
Representatives of PTT and the other state ...
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Source: HighBeam Research, PTT, three agencies sign deal to buy 61.5% of TPI.