TPI says may sell stakes after restructuring

TPI says may sell stakes after restructuring
Published: 27 January 2004

Thai Petrochemical Industry PCL (TPI), the country’s biggest defaulter, said on Monday it could sell stakes to companies such as PTT and Siam Cement PCL once it restructures its debt.  "So far, we have not talked about a stake sale with anyone," Siri Jirapongphan, a member of a government-appointed TPI management team, told Reuters. "PTT, Siam Cement and other Thai chemical firms could be TPI’s partner...But we have to make ourselves look better before we offer our shares to others."

Siri said TPI would look for domestic strategic partners after the company makes progress on restructuring debts and improves its financial status.  TPI runs Southeast Asia’s biggest petrochemicals complex. Its major creditors include Thailand’s biggest commercial bank, Bangkok Bank, Citibank and Bank of America. Thai and foreign creditors own a combined 75 percent stake in TPI, while company founder Prachai Leophairatana holds about 10 percent. The rest is held by other investors