The share price of PTT Oil and Retail Business Public Company Limited (OR) extended its gain by 11.11% on the second day after entering the Stock Exchange of Thailand (SET) on the previous trading day.
A few minutes after the opening bell on Monday, February 15, 2021, the share price of OR rose ฿3.25/share or 11.11% to ฿32.50/share with a trading value of 4,766 million baht.
OR President & Chief Executive Officer Jiraphon Kawswat said that listing on SET will strengthen OR’s positioning to be a market leader and enhance the company to operate the business in line with the OR’s vision, to be Thailand’s leading global brand that creates values to communities through oil, retail and related businesses.
The fundraising will be used to expand the gas station network, penetrate further into the commercial market business, invest in petroleum depot and distribution center, grow the entire retail network, as well as investing in overseas business and new S-Curve business. This move is to ensure the company’s resiliency to the ever-changing business environment. In addition, the company plans to leverage its success and expertise at regional and global levels.
OR’s major shareholder after the IPO is PTT Public Company Limited (PTT) and the shareholding ratio will not lower than 75 percent of the paid-up capital after the share allocation upon the return of the borrowed shares. The company’s dividend policy is to pay no less than 30 percent of net profit after legal and other reserves as specified by the company. However, the dividend payment must not exceed OR’s accumulated net profit.