Wednesday, August 29, 2007

Thai Esso Likely To Launch IPO Around April

Government Official
Dow Jones

NGKOK -(Dow Jones)- Oil refiner Esso Thailand, a unit of ExxonMobil Corp. ( XOM), is likely to sell shares via an initial public offering in April next year, a senior government official said Monday.

An amended contract between the Ministry of Energy and Esso will allow the company to sell at least 25% of its shares, up from the previous 20%, in order to meet Stock Exchange of Thailand requirements, said Viraphol Jirapraditkul, director-general of the Energy Policy and Planning Office.

Esso, which has a refining capacity of 170,000 barrels a day and a 13% share of Thailand's refined oil market, is expected to submit its IPO filing to the stock exchange in November or December, he said in a statement. ...more....

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