01 December 2004 05:13 [Source: ICIS news]
SINGAPORE (CNI)--Oman Oil Company (OOC ), the sultanate’s state-run oil company, has bought 25.22m shares, or a 2.06% stake, in Thai Olefins Co (TOC), according to TOC's filing to the Thai Stock Exchange on Wednesday.
These shares were part of the 58.36m shares or a 7.11% stake Bangkok Polyethylene (BPE) held in TOC, all of which had to be sold to eliminate cross-shareholding.
Earlier in November, TOC, ?xml:namespace>
This meant that BPE had to sell its shares in TOC. Of its stake, 33.25m shares or 4.05% was sold to PTT, which increased its direct and indirect holding in TOC to 49.99%.
The remainder was sold to OOC on Tuesday, but no financial details were given. The sale makes OOC a long-term strategic partner of TOC, added the statement.
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