Thai Biggest Oil Firm Undertakes IPO

PTT Public Co. Ltd., the largest oil firm in Thailand will undertake an initial public offering (IPO) in the near term, a ranking company official said.

PTT Philippines president and CEO Siripong Phoungpaka told reporters that the company is now conducting initial preparation for the planned shares offering to be held anytime between 2008 or 2009.

“We are starting to study (the IPO plan) now. We’ve talked to Francis Lim, president of PSE (Philippine Stock Exchange) already,” he said, adding they are also set to bid out the underwriting contract. “We’ve been talking with a number of prospective underwriters. We will do the tender for an underwriting proposal soon.”

The company, may offer up to 30 percent of its shares to the public. “It (the size of the offering) will depend on the recommendation of our financial advisor,” he said.