PTT Global Chemical Public Company Limited (SET: PTTGC) has announced that, the company’s Board of Directors at the meeting no.13/2023 held on November 20, 2023, had the resolution to approve to sell the shares of GC Logistics Company Limited (GCL) to WHA Venture Holding Company Limited (WHAVH), a subsidiary of WHA Corporation Public Company Limited, in the proportion of 50% of the ordinary shares of GCL which is equivalent to THB 2,640 million.
The transaction is considered as a collaborative partnership to develop a business model that promotes and enhances competitiveness for both GCL and Polymer business. This includes improving efficiency, reducing operational expenses, and creating opportunities for growth in the logistics business and to become the Integrated Logistics Company with a comprehensive network.
After the transfer of shares of GCL, the Company’s shareholding in GCL will be reduced from 100% to 50% and the investment in GCL will be changed from subsidiary company to joint venture company. The joint shareholding by WHAVH, a leading logistics and industrial estate developer, will support the continuous growth of GCL’s integrated logistics, warehouse management, and distribution centers.
The Company’s Board of Directors had a resolution to approve entering into a Share Purchase Agreement, and the terms and conditions stated in the agreement. It is anticipated that the transfer of shares according to the Share Purchase Agreement will be completed in December 2023 or the time agreed upon by the Company and WAVH.