Trading of merged PTT firm shares from Friday
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Shares of PTT Global Chemical, the merged entity of PTT Chemical and PTT Aromatics and Refining, will start trading in the Stock Exchange of Thailand on October 21, according to PTT Chemical's CEO Veerasak Kositpaisal.
The SET has temporarily suspended trading of PTT Chemical and PTTAR securities, effective from October 11 until tomorrow. The move followed a request from the company for temporary suspension of trading for eight business days to prepare for the allocation of shares in the merged firm to the shareholders of PTT Chemical and PTTAR, including the listing of shares on the SET.
PTT Chemical shares closed at Bt106 on October 10 while that of PTTAR closed at Bt26.50.
The joint meeting of shareholders of PTT Chemical and PTTAR voted to approve the merger plan yesterday.
According to Kim-Eng Securities, the fair value of PTTGC is estimated at Bt95, revised upward from its previously estimated Bt64.2, due to the positive outlook for the petrochemical and refinery business in the long term, despite risk from the slowing global economy for the energy sector.
According to Kiatnakin Securities, the fair value of the merged firm is Bt97 and it is expected to show strong financial result in the third quarter, due to the high refinery margin.
