BANGKOK -- State-run Thai oil and gas giant PTT has gained shareholder approval to spin off and denationalize its retail operations such as gasoline stations and cafes.
PTT aims to carry out the spinoff as early as this year and list the newly established company on the Stock Exchange of Thailand. The new company will be unrestrained by special government regulations for state-run enterprises, allowing it to more easily complete acquisitions as well as accelerate foreign expansion.
