Star Petroleum IPO rises out of antitrust concerns

PTT is looking to offload its stake after it was accused of monopolising Thaliand's refinery business by taking controlling stakes in major refining companies.

Thai oil refining company Star Petroleum is scheduled to launch an initial public offering in the second week of November as part of state-owned energy conglomerate PTT’s asset restructuring programme.

Sources familiar with the offering told FinanceAsia that the deal, which will help loosen PTT's monopolistic grip on the sector, will likely be worth about $500 million and comprise secondary shares sold in the main by PTT as well as primary shares.

PTT has previously announced that it will sell all or part of its 36% holding through the listing. US energy giant Chevron, which owns the remaining 64% stake, is expected to...

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