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 deal is expected to be completed within the next two weeks, PTT, which has been operating under its own name since 2009, said on Thursday. 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.