Thailand's PTT aims to list power unit on Bangkok bourse in mid-2014
BANGKOK Dec 18 (Reuters) - Thailand's biggest energy firm PTT Pcl said it plans to sell about 25-30 percent of an electricity generation company in an initial public offering in mid-2014 to raise funds for regional expansion.
PTT's Chief Financial Officer, Surong Bulakul, told reporters at a news conference that the strategy is part of state-controlled PTT's drive to triple Global Power Synergy Co's (GPSC) generating capacity to 6,000 megawatts in 2020 from 2,000 MW. Surong gave no details about the value of the listing, expected on the Bangkok stock exchange.
GPSC aims to invest in developing its power business at home, as well as expanding into Laos, Indonesia and Myanmar.
The business, a joint venture between PTT and its subsidiaries Thai Oil Pcl and PTT Global Chemical Pcl , is expected to contribute about 5-10 percent of PTT's group revenue in the next 10 years, Surong said.
PTT has also planned to dilute its 36 percent holding in Star Petroleum Refining Co (SPRC) in a separate IPO sometime next year. SPRC, 64-percent owned by oil giant Chevron Corp , operates a 160,000 barrel-per-day refinery in eastern Rayong province.
The energy giant previously scaled back spending plans for this year due to lower-than-expected economic growth, and said it wanted to sell non-core assets, like its palm oil business in Indonesia.