Thailand s oil giant is going on a green spending spree
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Thailand s oil giant Is going on a green spending spree
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Thailand Oil Giant Going on Green Spending Spree
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By Reuters Staff
2 Min Read
BANGKOK (Reuters) - Share prices for Thai Oil Pcl dropped on Friday after the Thailand oil refiner announced plans to offer new shares and sell stakes in a subsidiary to finance a $1.2 billion investment in Indonesia’s Chandra Asri Petrochemical TBK PT.
Shares in Thai Oil fell 10% in Friday’s morning trading session at 05:00 GMT along a 1% decline in the benchmark index.
“In recapitalisation, there will be an equity offering of 10 billion baht ($304.04 million),” the company’s Executive Vice President of Finance Wanida Boonpiraks told reporters on Friday.
Thai Oil would also sell stakes in electricity firm Global Power Synergy Pcl for 20 billion baht to parent firm, PTT Pcl, she said.