PTT transfers holdings in petchem subsidiaries to PTTGC
Energy firm PTT (Bangkok, Thailand) is consolidating its petrochemical interests into its 48.9%-owned affiliate PTT Global Chemicals (PTTGC). PTTGC is acquiring some or all of PTT's shares in six subsidiaries worth 26.3 billion baht ($751.7 million), according to PTTGC CEO Supattanapong Punmeechaow. The move aims to bring all petrochemical-related businesses under one umbrella to ease operations and improve efficiency. The PTT board earlier this week approved transferring the six subsidiaries to PTTGC, which will make it the main chemicals arm of PTT. Most of the six units were joint ventures (JVs) involving PTT because PTTGC, at the time of the JVs were formed, was too small to be the partner. The transactions will be concluded by October this year.