Thai Oil (TOP) has announced it will sell all shares, worth 346.5 million baht, in Thai Oil Marine (TM) to Phurich Marine after the TOP board agreed to restructure the company’s marine transport business for long-term growth.
The deal will lead to TM’s termination as a subsidiary of TOP.
The share purchase agreement is scheduled to be signed today between TOP and Phurich Marine, a subsidiary of Prima Marine, said Wirat Uanarumit, TOP’s chief executive and president, in a letter sent to the president of the Stock Exchange of Thailand.
The share purchase price is subject to adjustment by cash and debt in an amount to be agreed between TOP and Phurich Marine on the closing date, to be scheduled by June 30 next year.
TOP expects the final share purchase price to be paid by Phurich Marine on the closing date, together with expected cash to be received from TM’s…
