Thailand-based Premier Tank Corporation Public Limited Company (PTC) has announced plans to launch an initial public offering (IPO) during Q1 2022 on the Market for Alternative Investment (MAI). The offering was initially planned for 2021 but was delayed.
PTC’s ownership will be reduced from 70 per cent to 51 per cent, allowing the public to subscribe for IPO shares totalling 26.8 per cent, equivalent to 110 million shares. The total expected proceeds from the IPO has not been announced.
The funds from the offering will be used to finance the extension of rail routes for oil transport. The extension project is expected to require a budget of 110-120 million baht. PTC is currently awaiting for authorisation from the State Railway of Thailand (SRT) to proceed with the project.
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