PTT yesterday insisted it had no plans to seek a listing in New York, spokesman Auttapol Rerkpiboon said in a statement.
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PTT denies New York-listing plans
A PTT executive was quoted by media as mentioning a US listing plan, but a PTT source said it was a misunderstanding and that the executive had been talking about joining the Dow Jones Sustainability Indexes.
To operate integrated business in order to support trading and increase valuation for PTT Group….Ready for the competition in the energy trading of the world
PTT International Trading (PTTIT) engages in the procurement, importation, exportation and international trading of crude oil, condensate, petroleum and petrochemical products as well as other specialty substances. Today, PTTIT’s operation covers a whole spectrum of international trading functions that gear towards serving the best interest of members of PTT. PTT has incorporated PTT International Trading Pte in Singapore to represent PTT in conducting overseas businesses, liaising with PTT clients, and supporting commercial activities of the Group in various areas including petroleum refining, petrochemical and domestic oil trading.
PTT International Trading (PTTIT) engages in the procurement, importation, exportation and international trading of crude oil, condensate, petroleum and petrochemical products as well as other specialty substances.
PTTIT also involves in the international trading that supports the business activities of PTT Plc and its affiliates in such a way to enhance their competitive edge, profitability and contribution to the Group’s overall sale volume. A dedicated risk management unit gathers information, analyzing the global oil market situation, trends, and risks involved both technical and fundamental, and coming up with the best possible recommendations to PTT and its units.
In addition, PTTIT attends to the needs for international shipping of crude oil and petroleum products for the Group by providing them with tankers. Today, PTTIT’s operation covers a whole spectrum of international trading functions that gear towards serving the best interest of members of PTT.
The approved Financial Institution Business Act (FIBA) facilitates increase in foreign ownership in Thai foreign institutions. The Financial Institution Business Act (FIBA) became effective on 3 August 2008 as planned. The FIBA allows financial institutions to raise the foreign limit from 25 percent to 49 percent with permission from the BOT and foreign investors may own more than 49 percent equity stake in Thai banks with permission from the Ministry of Finance and recommendation by the BOT. The increase in foreign limit would encourage Thai banks to seek foreign strategic partners to strengthen the capital base, improve core banking business, IT platform, know-how and add inorganic growth to Thai banks.
Against the backdrop of a weakening US dollar and mounting trade surpluses, East Asian currencies and Thai baht have appreciated only modestly
The key risk to the global recovery lies in the need to get the timing of withdrawing fiscal and monetary stimulus just right. Withdrawal of fiscal stimulus too early may lead to another negative demand shock and a negative expectations spiral, whereas withdrawing the stimulus too late may lead to high inflation, further weakening of the US dollar, and possible asset price bubbles. In Thailand, for example, more than ten years since the 1997/1998 financial crisis banks still have bad loans in their books and the government still holds a large amount of debt related to the recapitalization of financial institutions. Given the expected length of recovery, it is important not to withdraw stimulus programs too soon, before the recovery is on a firm footing. On the other hand, macroeconomic imbalances are accumulating and eventually fiscal and monetary authorities, especially in the US, must consolidate their fiscal position and withdraw liquidity.
Most of the infrastructure development in Thailand has been responsive to demand rather than forward-looking. Availability and accessibility appear to no longer be a challenge. The next step for Thailand is to put more emphasis on quality of service delivery, management, and sound regulation.