PTG Energy CEO unveils expansion plans

CEO Pitak Ratchakitprakarn said that PTG Energy Plc (PTG), which operates PT petrol stations in Thailand, plans to expand its petrol network nationwide, as other oil companies have either scaled down or pulled out. Pitak said the potential in some large cities in the Central and Northeast regions have been overlooked.
 
There are currently only 30 PT petrol stations operating in Bangkok, where the retail oil market is experiencing a glut. But in the rest of the country, the company’s service stations have grown from 360 units in 2010 to 570 units at present. PTG has an ambitious plan to displace the Thai unit of Royal Dutch Shell as the third largest retail oil operator in Thailand, after PTT and Bangchak Petroleum Plc.
 
He added that PTG has improved this year its non-oil services and introduced a new concept of very large petrol stations; the first one is located in Ayutthaya. The company’s target this year is to have 700 petrol stations in operation, mostly in the Central region and the Northeast.
PTG has submitted a filing with the Securities and Exchange Commission to float its shares on the Thai bourse, in order to raise funds for opening 100 petrol stations annually over the next five years. It aims to sell 420 million shares in an initial public offering (IPO) this year; representing 25.15% of its existing registered-capital, at par prices of one baht (US$ 0.03) a share. PTG’s paid-up capital is expected to reach THB1.67 billion (US$56 million)) after the IPO, up from the current registered paid-up capital of THB1.25 billion (US$42 million), said Pitak. Of the total IPO shares, 386.6 million will be offered to the public and 33.4 million will be made available to directors, executives and employees. (January 7, 2013)