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Thai bourse to list Star Petroleum Refining on December 8
BANGKOK, December 4, 2015 -The Stock Exchange of Thailand (SET) will list Star Petroleum Refining pcl, one of Thailand’s top refiners, on December 8, under the ticker symbol “SPRC" as it met listing requirement following market capitalization criteria. The company has a market capitalization at its initial public offering (IPO) of THB 39.02 billion (approximately USD 1.08 billion).

SET Executive Vice President Santi Kiranand said that SPRC would list and start trading on SET in Resources industry group, Energy sector on December 8. SPRC was one of Thailand’s top refiners with refining capacity of 165,000 barrels per day or roughly around 13.2 percent of Thailand’s refining capacity. SPRC products included liquefied petroleum gas (LPG), premium and regular gasoline, diesel, jet fuel, and fuel oil. Moreover, SPRC also offered feedstock in petrochemical operations. SPRC products were sold onshore and offshore.

SPRC has a paid-up registered capital of THB 30 billion; consisting of 4,102.95 million existing shares and 232.95 million newly issued shares, with a par value of THB 6.92 each. It offered 1,475.45 million newly issued shares and vendor shares from PTT pcl, consisting of 1,439.72 million shares to the general public via IPO, and 35.73 million shares to SPRC’s executives and employees (ESOP) at THB 9.00 each. SPRC’s total of fundraising value was THB 2.09 billion with market capitalization of THB 39.02 billion at IPO. Bualuang Securities pcl, Finansa Securities Co., Ltd., Phatra Securities pcl, and The Siam Commercial Bank pcl are its financial advisors, while Bualuang Securities pcl, Finansa Securities Co., Ltd., Phatra Securities pcl, and SCB Securities Co., Ltd. are its underwriters.

SPRC Chief Executive Officer William Lewis Stone said that the listing of SPRC on  SET was a great opportunity for the general public to own shares of one of Thailand’s top refiners and to become part of the next phase of business development with strengthened capital structure. SPRC’s objective through the IPO process is to ensure that our offering presents a long-term, stable investment opportunity for our investors. The fund raised would be used to pay back debt from previous company restructuring and as working capital.

SPRC’s three major shareholders after IPO are Chevron South Asia Holdings Pte. Limited (60.56 percent), Merrill Lynch International as SPRC’s initial purchaser (10.17 percent), and PTT pcl (5.41 percent). The IPO price was determined via various methods such as discounted cash flow analysis, market comparable and pre-deal investor education. However, investors may compare pricing to its price to book value ratio (P/BV) which is calculated using its book value of Q3/2015 divided by the number of shares before the offering which is equal to 1.11 times. Moreover, SPRC’s net profit as of 9M/2015 is equal to THB 6 billion. SPRC’s dividend payment policy is to pay no less than 50 percent of net profit after taxes and reserves.

For more information on SPRC, please see the company's prospectus at the Securities and Exchange Commission's website at  and general information at the company's website at , as well as .

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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