By an OGJ correspondent
BANGKOK, May 13 -- Completion of Southeast Asia's largest initial public offering in 2 years gave domestic and overseas investors 25% of Esso (Thailand) PCL. The Esso unit operates a 177,000 b/d refinery, a 500,000 tonne/year paraxylene plant, and an extensive retail outlet network.
The offering diluted ExxonMobil Corp.'s stake to 67.5% from 97.5%. Thailand's Finance Ministry's share was reduced to 7.5% from 12.5%, which it acquired in 1996.
The investors bought 930.4 million shares at about 30¢ each, raising 9.3 billion baht that goes towards reducing Esso's debt of 34.7 billion baht.
Esso (Thailand)'s listing on the Thai Stock Exchange was required under the license issued more than 10 years ago that allowed the firm to expand its Si Racha refinery. The listing was delayed, however, by the 1997-98 Asian financial crisis.
