PTT Plc, Thailand’s state-owned oil and gas conglomerate, has sold its majority stake in Star Petroleum Refining Co., (SPRC), reducing its stake from 36% to 5.41%.

In a statement to the Stock Exchange of Thailand (SET), Chief Financial Officer Nitima Thepvanangkul said that PTT gained BHT 3.7 billion (USD 112.5 million) from the sale of 234.5 million ordinary shares in SPRC.

SPRC posted a net profit of BHT 6.3 billion (USD 191.5 million) in the first nine months this year, up from BHT 5.9 billion (USD 179.3 million) during the same period a year ago.

In 2015, SPRC raised BHT 15.6 billion (USD 474.3 million) through an initial public offering of 1.74 billion shares, including 1.39 billion shares held by PTT Plc, as part of a plan to spin off SPRC.

PTT wanted to sell its majority stake in the 165,000-barrel-per-day refinery, to alleviate concerns that it controls significant stakes in the country’s oil refineries. Thailand has six refineries. SPRC accounts for 13% of the country’s total refining capacity, but supplies nearly a third of petrol demand.

PTT also owns significant stakes in three other refiners: Thai Oil, PTT Global Chemical and IRPC. In the first half, PTT sold its 15% stake in Bangchak Petroleum Plc to state-run Vayupak Fund and another 12% to Thailand’s Social Security Fund.