Susco ownership unchanged, exec says
Chalermchai Mahagitsiri's holding in Susco touched 12 per cent while an executive with the oil retailer insisted the move was an investment and not a change in ownership.
Chairit Simaroj, managing director of Susco, said Chalermchai, one of its major shareholders, had increased his stake in the company to 12 per cent on expectation of improving growth prospects.
"Such a rise in shareholding does not make any change in Susco’s ownership. Everything remains the same with the existing executive board," he said. "Whether or not [Chalermchai] increases his holding in the company, we have to look at the change on the book closing date. Now, it [shareholding structure] remains the same."
As of July 17, Mongkol Simaroj held an 11.01-per-cent stake, or 121.12 million shares, in Susco, Marvee Simaroj owned 4.51 per cent, or 49.60 million shares, and Susco held 3.64 per cent, or 40 million shares.
Because of demand, the company is expected to continue growing in the latter half of this year, despite fluctuating oil prices, he said.
Susco expects this year’s revenue to be Bt17 billion. After a takeover of Petronas in Thailand, Susco’s revenue is expected to double to Bt30 billion next year.
The takeover of Petronas is expected to be completed this year. The acquisition is being financed by bank borrowings and Susco’s cash in hand.
Susco is in negotiations on a plan to establish convenience stores in petrol stations after the takeover.
