State-owned oil and gas firm PTT will acquire a 43% stake in oil refiner IRPC, owned by Thailand's Government Savings Bank, for THB13.85bn ($439.26m). The purchase will increase PTT's holdings in IRPC to 45.05%, while a strong performance from the latter firm helped boost PTT's annual profits by 9.54%. Shares in PTT rose about 6% following the announcement of the acquisition.
State-owned oil and gas firm PTT will acquire a 9.54% stake in oil refiner IRPC, owned by Thailand's Government Savings Bank, for THB13.85bn ($439.26m). The purchase will increase PTT's holdings in IRPC to 45.05%, while a strong performance from the latter firm helped boost PTT's annual profits by 43%. Shares in PTT rose about 6% following the announcement of the acquisition.