PTT outlines plans for divestments in Cayman Islands
PTT Group reveals policy not to establish additional companies in Cayman Islands, considers closures
The PTT Group has studied the closure of 21 companies and the withdrawal of investments in the Cayman Islands.
A news release from PTT pcl stated that during the Annual General Meeting of Shareholders for 2024 on April 12, the company addressed shareholders' questions regarding whether it still registers subsidiaries or joint ventures with companies registered in the Cayman Islands, Bermuda, and similar jurisdictions.
PTT stated that as of December 31, 2022, the PTT Group had 21 companies registered in the Cayman Islands. These companies are part of the existing structure from previous investments made by the PTT Group.
PTT has clarified that they resulted from acquisitions and required the transfer of subsidiaries according to agreements with other partners, and it has complied with the laws of the relevant countries.
Taxes have been paid in Thailand and in the countries where investments were made, and no further companies have been established in the Cayman Islands, it said.
The PTT Group says it has a policy not to establish any additional companies in the Cayman Islands. Additionally, the group is currently studying the possibility of closing and withdrawing its investments from the Cayman Islands in the future.
The PTT Group has previously affirmed that it conducts its business under the principles of good corporate governance. As a state-owned enterprise listed on the Stock Exchange of Thailand (SET), PTT ensures transparency by disclosing information to allow the public to verify the facts regarding the establishment of companies in the Cayman Islands, it says.
