PTT Global Chemical Proceeds with the Dissolution of Phenol and GCO as Part of Restruction Plan

PTT Global Chemical Public Company Limited (SET: PTTGC) announced that it will proceed with the dissolution of two subsidiaries after the acquisition of entire businesses as part of the business restructuring plan.

PTTGC cited its statement disclosed to the Thai stock market on July 4, 2022 stated that the company’s Board of Directors held on December 13, 2021 had the resolution to approve to acquire the entire or part of business and the dissolution of the company’s subsidiaries which the group business restructuring will better support the company’s long-term strategy including the business expansion internationally, sales and development of High Value Products, enhancing the company’s governance efficiency of group of companies both domestically and internationally, and also support the company’s Sustainability strategy.

The company noted that the acquisition of the entire business of PTT Phenol Co.,Ltd. (Phenol) and GC Oxirane Co.,Ltd. (GCO) by the company was part of the business restructuring plan which was effective under the law on February 1, 2023 and the company will further proceed with the dissolution of Phenol and GCO.