Thai refiner Bangchak Petroleum PCL said on Friday, that it expected to complete its new share sale in the first quarter of the next year. It’s later than being planned, due to a delayed plant upgrade. The company had planned to sell $150 million worth of new shares to major shareholder PTT PCL and other investors at the end of this year. It’ll help to finance its $250-350 million upgrade of a refining plant. Bangchak said, that previously it was in talks with the country's biggest oil and gas firm – PTT - about the share sale, which would raise PTT's stake in the firm to 30% from 8% now. It said, that PTT would buy $100 million worth of new shares and the remaining $50 million would be offered to retail investors and financial institutions. Bangchak, which runs at about 60-70% of capacity of 120,000 barrels per day, is 24% owned by the Finance Ministry, which would see its stake diluted to 10% after the capital-raising plan. PTT is in the course of consolidating its petrochemical and refining businesses and buying a 30% stake from Thai Petrochemical Industry. Bangchak shares closed unchanged at 13 baht on Friday. While the overall stock market index was down 0.16%. PTT shares rose 0.9% to 212 baht.

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