Nov
09
Chevron’s Thai Refining Unit Plans IPO Valued at $434 Million
By-
State-controlled PTT to offload its 36% stake in refinery
-
IPO to help Star repay some loans, fulfill listing obligation
Star Petroleum Refining Pcl, a Thai refining unit of Chevron Corp., plans an initial public offering of as much as 15.6 billion baht ($434 million) to repay some loans and fulfill its obligation to the government for a stock listing.
Star Petroleum, owned 64 percent by Chevron at present, will raise about 3.1 billion baht from the sale of 345 million new shares at 9 baht each in the offering, it said in a filing with the nation’s Securities & Exchange Commission on Monday. PTT Pcl, the state-owned energy company, will offload its 36 percent stake, amounting to another 1.39 billion existing shares, at the same price to raise 12.5 billion baht, according to the statement…
Chevron’s Thai Refining Unit Plans IPO Valued at $434 Million
