The share price of PTT Global Chemical Public Company Limited (PTTGC) fell ฿3.50/share or 5.98% to ฿55.00/share as of 15:40 local time in Thailand on July 12, 2021, after the company announced an investment in High Value Business (HVB) at a value of 148,417 million baht.
Regarding PTTGC’s financial support to GC Inter B.V., the subsidiary company of PTTGC, for the acquisition of shares of Allnex Holding GmbH, the company will not seek to increase the shares capital.
PTTGC stated that the company has sufficient sources of funds from the company’s cash on hand and the debt financing capacity from the loan from PTT Public Company Limited (PTT) and financial institutions.
More importantly, the acquisition of the target group highly fits to the company group’s growth strategy with the aim to diversify the company group’s business toward the specialties arena.
In addition to PTTGC’s operating performance, the acquisition of the target company which has consistent operating performance and synergy will enhance the company’s consolidated operating performance and financial position as well as achieving growth according to the company’s strategic plans. PTTGC stated that it will continue to maintain the strength of its financial credit ratings.