Bangkok: Thoresen Thai Agencies has announced plans to list PM Thoresen Asia Holdings, a subsidiary wholly-owned by TTA at present, on the Stock Exchange of Thailand. PMTA plans to offer 35,420,000 shares to existing TTA shareholders and if necessary to the public during the first quarter of 2014.
PMTA’s core operating subsidiary is Baconco, acquired by TTA in 2009. Baconco has evolved into Vietnam’s second largest fertiliser company in terms of production and stands today as the sector’s most profitable company. Baconco also operates a relatively smaller but growing warehouse business, which saw its rental revenues double year-on-year in fiscal year 2013.
Chalermchai Mahagitsiri, TTA's incoming president and ceo said, "PMTA will become TTA’s third listed subsidiary, following the successful listing of Mermaid Maritime Public Company Limited on the Singapore Stock Exchange in 2007 and the 2009 acquisition of Unique Mining Services Public Company Limited, which is listed on the SET. The pre-emptive rights offer structure under which we are listing PMTA is specifically designed to allow TTA’s existing shareholders to invest in Baconco’s agrochemical and logistics businesses while being protected from the dilution effects on TTA’s equity.” [19/12/13]