Indorama Ventures PCL will list and commence trading on February 5. It is the first company to list on the Thai bourse this year, with a market capitalization at its initial public offering (IPO) price of over THB44.00 billion (approx. USD1.33 billion). The company will be in the Industrials Group, Petrochemical & Chemicals Sector, using “IVL” as its trading symbol, and comes from restructuring shareholdings of the business group.
“This listing of IVL supports SET’s strategy in 2010 to encourage large companies to list. SET aims at increasing its market capitalization by THB100 billion (approx. USD3.02 billion) from new listings this year,” revealed SET Chief Marketing Officer, Issuer & Listing Vichate Tantiwanich.
IVL is the holding company of domestic and international firms involved in integrated petrochemical products. These companies have 13 production facilities in five countries worldwide and manufacture and/or distribute polyester fiber and yarn, with highest production capacity in the country, and polyethylene terephthalate (“PET”), with the world’s second largest production capacity.
IVL has a total paid-up registered capital of THB4.33 billion (approx. USD130.74 million), with a par value of THB1.00 each, consisting of 3,352 million existing common shares and 583 million capital increase shares to exchange with shares held by Indorama Polymers PCL (IRP)’s retail investors at 1 IRP share for 1.4150 IVL share. At its IPO on January 25-27, 2010, IVL offered 400 million shares and 60 million Green shoe option shares, or a total of 460 million shares, to the general public at THB10.20 per share. The funds raised will be used for debt repayment and general operations, including as working capital. Bualuang Securities PCL was its financial advisor and underwriter.
The IPO price of THB10.20 per share came from book-building process among institutional investors. IVL’s dividend payment policy is to pay out no less than 30% of profit after taxes and legal reserves.
For more information about Indorama Ventures PCL, please see the company’s prospectus at the Securities and Exchange Commission (SEC) at www.sec.or.th and for general information at www.indoramaventures.com, and www.set.or.th.
Sunday, February 7, 2010
Saturday, January 30, 2010
PTT Chemical and GE sign gas turbine service agreement
PTT Chemical Public Company Limited, Thailand’s largest chemical producer and a regional leader in the petrochemical industry, has signed a service agreement with GE (NYSE: GE) in Singapore to ensure the long-term reliability of nine GE gas turbines at PTT Chemical’s site in Map Ta Phut Industrial Estate, Rayong Province, Thailand.
The 13-year Contractual Service Agreement (CSA) worth US$46.1 million or approximately Baht 1,521 million covers the supply of parts, repairs and field services for planned and unplanned outages for gas turbine-generators and accessory equipment, along with performance guarantees.
Veerasak Kositpaisal, President and CEO of PTT Chemical said, “Through this agreement, GE guarantees the continuing reliability and efficiency of the gas turbines, which improves our efficiency and security as well as enables us to maintain our petrochemical production schedule. The CSA also helps us to effectively manage our maintenance budget over the life of the agreement.”
“While we have received equipment orders from PTT Chemical in the past, this marks our first CSA with the company,” said Kovit Kantapasara., GE Energy Country Executive for Thailand and Indochina. “We hope to build on this agreement to provide similar services to other companies in the PTT Group.” Overall, GE has supplied more than 20 gas turbines to the petrochemical business of the PTT Group.
PTT Chemical is a diversified and integrated chemical producer offering a wide variety of petrochemical and chemical products. Its product portfolio includes ethylene and propylene, collectively called olefins, downstream derivatives such as Polymers and Ethylene Oxide and Ethylene Glycol, and oleochemicals. The company’s gas-based plants have a total annual capacity of 2,888,000 tons of olefins, making it Thailand’s largest olefins producer and the second largest in all of Asia.
GE is a diversified global infrastructure, finance and media company that's built to meet essential world needs. GE Energy is one of the world’s leading suppliers of power generation and energy delivery technologies providing integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
The 13-year Contractual Service Agreement (CSA) worth US$46.1 million or approximately Baht 1,521 million covers the supply of parts, repairs and field services for planned and unplanned outages for gas turbine-generators and accessory equipment, along with performance guarantees.
Veerasak Kositpaisal, President and CEO of PTT Chemical said, “Through this agreement, GE guarantees the continuing reliability and efficiency of the gas turbines, which improves our efficiency and security as well as enables us to maintain our petrochemical production schedule. The CSA also helps us to effectively manage our maintenance budget over the life of the agreement.”
“While we have received equipment orders from PTT Chemical in the past, this marks our first CSA with the company,” said Kovit Kantapasara., GE Energy Country Executive for Thailand and Indochina. “We hope to build on this agreement to provide similar services to other companies in the PTT Group.” Overall, GE has supplied more than 20 gas turbines to the petrochemical business of the PTT Group.
PTT Chemical is a diversified and integrated chemical producer offering a wide variety of petrochemical and chemical products. Its product portfolio includes ethylene and propylene, collectively called olefins, downstream derivatives such as Polymers and Ethylene Oxide and Ethylene Glycol, and oleochemicals. The company’s gas-based plants have a total annual capacity of 2,888,000 tons of olefins, making it Thailand’s largest olefins producer and the second largest in all of Asia.
GE is a diversified global infrastructure, finance and media company that's built to meet essential world needs. GE Energy is one of the world’s leading suppliers of power generation and energy delivery technologies providing integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
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