PTT announces changes at top ahead of CEO’s retirement
The PTT board of directors has promoted Kris Imsang to chief operating officer of its downstream petroleum business group. The post is being vacated by Auttapol Rerkpiboon, who will take over as company president and chief executive officer when the incumbent Chansin Treenuchagron retires on May 12 this year.
The board also appointed Buranin Rattanasombat, executive vice-president of planning at PTT Oil and Retail Business (PTTOR), to replace Kris as senior executive vice president, Downstream Business Group Alignment.
The PTT board also addressed measures to mitigate the Covid-19 impact in Thailand.
“PTT has spent over Bt700 million to support the government’s operation to relieve the cost-of-living burden for people, such as cutting the price of natural gas for vehicles [NGV] by Bt3 per kilogramme to Bt10.62 per kilo for three months, from April 1 to June 30. This measure accounted for Bt600 million,” PTT officials said.
“PTT also supported public health authorities and hospitals by providing alcohol [for sanitiser] and developing test kits worth over Bt10 million.”
In addition, the board acknowledged guidelines to adjust the operational direction due to the impact on economy.
“PTT will use business continuity management [BCM] to maintain energy and business stability, expecting results within one month,” the officials said.
Meanwhile, PTT president and CEO Chansin Treenuchagron addressed the planned PTTOR initial public offering [IPO] to raise funds, saying that PTT will hold at least 75 percent of all shares once the stock market listing is completed.
“We want PTTOR to maintain the country’s stability on energy, following government and Energy Ministry policy to increase competitiveness both domestically and internationally,” he said.
The timing of the PTTOR listing would depend on the period specified by the government, as well as stock market conditions, he added.
Chansin said that PTTOR has applied to make an IPO of up to 2.7 billion newly issued ordinary shares, excluding excess shares that may be offered for an overallotment option.
Existing PTT shareholders will be eligible to receive the new shares depending on their current shareholdings, he added.
PTTOR plans to invest Bt77 billion for expansion over the next five years, adding 137 filling stations per year to its network, plus retail stores, restaurants, and convenience stores (437 Amazon cafes per year). The expansion will also target operations overseas, including investment in the electric vehicle business.
