SET Announcements
clarifies a published report
Bangchak Petroleum Plc (BCP) clarified a published report concerning
the shares allocation to community organization, saying that the issue
was in line with the resolution made at the Cabinet meeting on October 17,
1995.
The Cabinet agreed to allocate 31% shares of BCP, held by the
Finance Ministry and Petroleum Authority of Thailand to the community
organizations. The 10% share will be allocated to the Industrial Finance
Corporation of Thailand and the Crown Property Bureau. Another 20% shares
will be allocated to general investors.
The Finance Ministry has proposed the allocation of shares to
general investors in the financial resources (stocks) distribution
measure, which is one of the measures in its financial master plan for
the society. BCP will be the pilot company in the project and the
government will support the local community organization to hold as much
shares in BCP as possible. The move would help develop the community and
the society and thus bring benefits to the country. This will also be
beneficial to the company because the users themselves own the business
and the company has access to large consumer base.
BCP said the above issue is under the operational process.
Translated by The Nation