Susco told the Stock Exchange of Thailand yesterday that it had received a notification from the financial adviser of Petronas Retail (Thailand) that Susco was selected as the preferred bidder of all common shares in the company and its subsidiaries.
Susco expects to complete the whole transaction this year and realise revenue from this investment next year, managing director Chairit Simaroj said.
Susco’s board of directors also acknowledged the notification of Petronas and resolved that the company negotiate with Petronas to conclude the share sale and purchase agreement and the final price of the shares.
Susco has declined to disclose the investment plan for the deal but it will have no need to raise funds for the transaction, Chairit said.
Susco has maintained its revenue target this year at Bt1.6 billion to Bt1.7 billion.
On September 3, Susco participated in the bidding for Petronas Retail (Thailand) to expand its fuel-trading business, particularly in Bangkok, the metropolitan area and neighbouring provinces.
Petronas’ business in Thailand is similar in size and sales. It has about 100 filling stations in Greater Bangkok, which would expand Susco’s network to about 250 stations nationwide.
Susco wholesales petroleum to industry, distributes oil to retailers and operates its own service stations.
Susco’s stock closed at Bt2.26 yesterday, down 0.88 per cent.