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Thailand-based PTT Public Company Limited s (BBB+/AAA(tha)/Stable) petrochemical and power acquisitions, which form part of its energy transition plan, will enhance the group s geographic and business diversification, Fitch Ratings says. The acquisitions will drive up PTT s financial leverage over the next two years, but the current low financial leverage should provide headroom to absorb the investments. PTT s subsidiary, PTT Global Chemical Public Company Limited (PTTGC, AA+(tha)/Negative), plans to acquire a 100% stake in Allnex Holding GmbH - a leading global industrial coating resin producer - for EUR4.0 billion (about THB148 billion). This should expand PTT s downstream chemical business and increase its geographical diversification. Allnex has 33 manufacturing sites worldwide, with sales across the Americas (2020: 24% of sales), EMEA (40%) and the Asia Pacific (36%). PTTGC expects the transaction to boost sales volume growth by about 5% in 2022 and add EBITDA of about EUR400

Asia pacificAllnex holding gmbPublic company limitedFitch ratingsGlobal chemical public company limitedGlobal power synergy public company limitedCompany limitedChemical public company limitedAllnex holding gmbhStandalone credit profileGovernment related entities rating criteriaஆசியா பெஸிஃபிக்பொது நிறுவனம் வரையறுக்கப்பட்டவைஃபிட்ச் ரேடிஂக்ஸ்உலகளாவிய இரசாயன பொது நிறுவனம் வரையறுக்கப்பட்டவைஉலகளாவிய பவர் சினெர்ஜி பொது நிறுவனம் வரையறுக்கப்பட்டவை