PTG to list 6 non-oil businesses on SET
SET-listed PTG Energy Plc, Thailand's second-largest fuel trader by sales volume, is planning to list its six non-oil businesses on the Stock Exchange of Thailand (SET) from next year under a risk diversification plan.
PTG sees severe competition in the fuel retail market. So after it listed on the SET in 2013, the company decided to expand into the non-oil segment to reduce its dependence on a single revenue source.
The six non-oil businesses are Pun Thai Coffee and Coffee World; Pro Truck; Siam Autobacs; Max Mart Minimart; liquefied petroleum gas (LPG) for cars; and a palm oil chemical complex.
PTG president and chief executive Pitak Ratchakitprakarn said the company plans to make use of customer data for its oil and non-oil businesses to set a future direction.
Up to 14 million customers hold PT Max membership cards. Membership is expected to reach 15 million by the end of this year and 20 million in 2022.
"We are working on using the big data of our card members to make better decisions when we see new business potential," Mr Pitak said.
His company plans to first list its palm oil chemical complex, which makes palm-oil-based methyl ester for biodiesel, on the Thai bourse. The initial public offering is expected next year in order to raise funds for capacity expansion.
The facility produces 200,000 litres of vegetable oil and 450,000 litres of biodiesel a day. The expansion will enable the company to serve growing demand for biodiesel.
PTG plans to list its Atlas Energy Co, which runs an LPG business, on the stock market in early 2022 after the LPG trader moved from red to black on its balance sheet.
PTG wants to increase LPG service stations by 50 outlets annually, up from 200 nationwide.
The firm did not indicate an IPO date for Siam Autobacs Co, which provides car care services. PTG acquired a 38.3% share from Japan-based Autobacs Seven Co in 2017 and later increased its ownership to 76.5%.
PTG executive vice-president Rangsun Puangprang said the greater shareholding will allow it to better focus on the non-oil segment.
For the coffee business and Max Mart Minimart, the company plans to list them on the stock market in 2024. There are 260 branches of Pun Thai Coffee and 69 branches of Coffee World.