暹罗水泥公共有限公司（Siam Cement Pcl）与PTT Global Chemical Pcl同意合并双方在泰国的烯烃和聚烯烃业务，估值1870亿泰铢（约合55亿美元），旨在应对长期低迷环境，增强石化业务竞争力。
Cement Pcl and PTT Global Chemical Pcl agreed to combine Thai olefins and polyolefins businesses valued at 187 billion baht ($5.5 billion), seeking to bolster their petrochemical operations amid a prolonged downturn.
根据双方周三晚间发布的交易所文件，暹罗水泥旗下子公司SCG Chemicals Pcl将持有合资企业44%股份，PTT Global持有其余股份。两公司董事会均已批准该交易，将于12月3日提交股东大会审议。
SCG Chemicals Pcl, a Siam Cement’s subsidiary, will hold 44% of the venture, while PTT Global will own the remainder, according to their exchange filings late Wednesday. Both companies’ boards approved the deal, which shareholders will consider on Dec. 3.
此次交易将泰国两大工业集团整合在一起，正值石化生产商面临下游需求疲软、中国产能过剩以及与伊朗战争相关的原料供应中断等挑战之际。
The deal brings together two of Thailand’s biggest industrial groups as petrochemical producers contend with weak downstream demand, China’s excess capacity and feedstock disruptions tied to the Iran war.
暹罗水泥首席执行官Thammasak Sethaudom在声明中表示：“全球烯烃和聚烯烃行业正面临日益激烈的竞争，产品价差和开工率持续承压。”他称，该合资企业将通过将SCG Chemicals多元化、高附加值产品与PTT Global的原材料获取优势相结合，提升竞争力，同时提高效率、扩大产品供给和客户覆盖面。
“The global olefins and polyolefins industry is experiencing increasingly intense competition, placing continued pressure on product spreads and operating rates,” Siam Cement Chief Executive Officer Thammasak Sethaudom said in a statement. The venture will boost competitiveness by pairing SCG Chemicals’ diverse, higher-value products with PTT Global’s access to raw materials, while improving efficiency and expanding product offerings and customer reach, he said.
两公司估计，合资企业完全落地后，每年可产生51亿至68亿泰铢的经常性收益。
The companies estimate the venture could generate recurring annual benefits of 5.1 billion baht to 6.8 billion baht once fully realized.
根据文件披露，SCG Chemicals注入业务估值为820.7亿泰铢，PTT Global注入业务估值为1044.5亿泰铢。
SCG Chemicals’ contributed business was valued at 82.07 billion baht, while PTT Global’s was valued at 104.45 billion baht, according to the filings.
根据方案，PTT Global将把其泰国业务转移至一家新子公司，随后与SCG Chemicals旗下的泰国聚乙烯公司（Thai Polyethylene Co.）合并。双方预计将在2027年上半年完成重组，下半年完成合并。
Under the plan, PTT Global will transfer its Thai businesses to a new subsidiary, which will combine with SCG Chemicals’ Thai Polyethylene Co. The companies expect to complete the restructuring in the first half of 2027 and the merger in the second half.
根据双方发出的邀请，两公司高管定于周四当地时间上午11:15举行联合新闻发布会。
Executives from both companies are scheduled to hold a joint press briefing at 11:15 a.m. local time Thursday, according to their invitation.