PTT buys TOTAL stake in Thai Lube Blending
Thailand’s PTT Plc has acquired a total of 14.6 million shares, worth about 157 million baht, in Thai Lube Blending Co., Ltd. (TLBC) from TOTAL Oil (Thailand) Co., Ltd. and other shareholders, helping it to fully control the lubricating oil company.
According to a report to the Stock Exchange of Thailand (SET), the country’s largest oil and gas firm PTT on Monday said its wholly owned subsidiary, PTT Retail Business Co., Ltd. (PTTRB), had signed an agreement with TOTAL Oil (Thailand) Co., Ltd. and other shareholders to purchase the 14.6 million shares at the value of 10.75 baht per share.
Prasert Bunsumpun, PTT’s president and chief executive officer, said in the report that the energy powerhouse earlier held 48.95 percent of the stake in TLBC while TOTAL and other shareholders owned the remaining 51.05 percent.
He said “The purpose of the acquisition of TLBC by PTTRB is to create and increase the flexibility and efficiency of TLBC’s production, quality control and business management to best serve market demand and preferences. In addition, the transaction is consistent with PTT’s business strategy to be the market leader in lubricating oil business.”
TLBC has been established since February 18, 1997, to operate lube blending and lube oil business and the company at the end of June 2009 has the total assets of 695.10 million baht and the total liabilities of 389.51 million baht.
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