PTG Energy eyes Bt400mn for outlet expansion from IPO
PTG Energy plans to raise at least Bt400 million via an initial public offering to expand its PT service-station subsidiary by at least 100 outlets, mainly in the provinces, as well as to boost its tanker-truck fleet.
The fifth-largest chain of retail service stations yesterday appointed Sage Capital as the financial adviser for its listing.
PTG chief executive officer Pitak Ratchakitprakarn said the IPO proceeds would also be used to rebrand PT and its corporate image as well as supplement working capital.
PTG Energy now has 440 petrol stations nationwide, of which 270 are company-owned and the rest dealer-owned.
It also operates six oil-storage tanks in Samut Songkhram, Saraburi, Khon Kaen, Lampang, Chumphon and Nakhon Si Thammarat and a fleet of more than 200 petroleum-transport vehicles, he said.
Saranya Krasaesian, deputy managing director of Sage Capital, said PTG Energy was expected to submit its IPO application to the Securities and Exchange Commission next quarter. Its stock is expected to be included in the energy sector.
PTG Energy, which now has registered capital of Bt1.25 billion and par value of Bt1 per share, expects to sell 420 million IPO shares, she said.
Pitak said the company earned Bt226 million on revenue of Bt27.8 billion last year. Over the past three years, it has recorded an average of 70-per-cent growth in revenue per year.
However, he declined to give this year’s net-profit projection.
Besides PT, the company and its subsidiaries supply fuel to other service stations and jobbers. Last year, the company’s motor-fuel sales were broken down into diesel 75 per cent, petrol 20 per cent and gasohol 5 per cent.
Most of PT’s customers are users of general-purpose vehicles, transport vehicles and agricultural equipment.
About 90 per cent of PTG Energy’s petroleum is sourced from Thai Oil.
