UpdateThailand's PTT takes $339m loan to “seize opportunities”

08 April 2009 09:14  [Source: ICIS news]

(Adds loan details and CEO comment)

SINGAPORE (ICIS news)--Thai oil and gas giant PTT has taken a 10-year-loan of Baht (Bt)12bn ($339m) from Siam Commercial Bank (SCB) to "seize opportunities" and boost the company’s expansion plans, it said on Wednesday.

PTT’s CEO and president Prasert Bunsumpun said the loan would be used to support investment opportunities including acquisitions, a company statement quoted him as saying. "There are opportunities during this crisis," Bunsumpun added.

"Interest on the loan will be on a floating basis, and payments will be every six months," an official from PTT’s investor relations department said but gave no other details.

ICIS news had previously reported that the Thai major was eyeing a stake in the southeast Asian assets of US chemical major Dow Chemical.

Dow is seeking to raise $4.3bn (€3.23bn) partly to overcome its debts as it was targeting to pay off a $12.5bn bridge loan by the end of this year.

($1 = Bt35.39 / $1 = €0.75)

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By: Bohan Loh
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