PTT announces advisors for privatization

The Thai government has finally bitten the bullet with its privatization of the Petroleum Authority of Thailand (PTT).
After years of foot dragging and waiting for some improvement in the Thai equities market, the government has pushed forward one of its most lucrative assets in the hope of injecting some upward momentum into the Stock Exchange of Thailand.

A formal RFP request for proposals was sent out two weeks ago and after bidding last Monday, a group of six banks were appointed on Friday to lead PTT to market. Merrill Lynch Phatra will be global co-ordinator of the forthcoming IPO, which also numbers Tisco and SCB Securities as domestic lead managers and Credit Suisse First Boston, Lehman Brothers and Merrill Lynch as international lead managers.

Losing bidders comprise Goldman Sachs, Morgan...

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