IRPC to take bond-issue road show abroad
IRPC - formerly known as Thai Petrochemical Industry - will hold an international road show for its upcoming bond issue worth US$300 million to $400 million (Bt10.43 billion to Bt13.9 billion) aimed at refinancing debts that come due in September.
CEO Piti Yimprasert said the company had hired Moody's Investors Service, Standard and Poor's and Thai Rating and Information Services for the issue. He said IRPC was negotiating with debtors to reschedule the payment periods for and additional $400 million worth of debt. He said the company had assigned Shell Global Solutions to improve the operational efficiency of Phase 1 of its oil-refinery improvement project. Shell estimates that IRPC's profit will increase by $40 million a year following the upgrade, although the company had earlier been hoping for an $80-million boost in its annual profit from the project. Revenues generated from the upgrade will start being realised within the next two years, he said. IRPC's shareholders yesterday approved a total dividend payment of Bt2.34 billion, or 12 satang a share, for last year's performance, to be made on May 18. The dividend payment will be the company's first in the last seven years. IRPC posted a net profit of Bt6.8 billion for last year. Siriporn Chanjindamanee
The Nation
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