IRPC Public : Renew contract regarding connected transaction on providing or receiving financial assistance
December 20, 2017 at 06:14 am EST
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Ref. Ngor Nor Por. 046/2017
Date :
20 December 2017
Subject :
Renew contract regarding connected transaction on providing or receiving financial assistance
To :
President
The Stock Exchange of Thailand
Reference : IRPC's SET Notification Letter No. Ngor Nor Por. 065/2016, Dated 20 December 2016, Reference : Subject : Connected transaction on providing and/or receiving financial assistance
The Board of Directors Meeting of IRPC Public Company Limited (the "Company") No.12/2016 held on 20 December 2016 passed the resolution to grant approval to enter into Inter-Company Borrowing and Lending ("ICBL") contract between IRPC Public Company Limited (the "Company") and PTT Public Company Limited ("PTT") according to the company's aforementioned notification to SET, so as to optimally manage the Company's short-term liquidity.
To maintain optimal short-term liquidity management, the Company and PTT renewed the ICBL contract on 20 December 2017 (the latest ICBL contract was expired on 19 December 2017). Note that the renewal of the contract was performed under the management's authority delegated from the Board of Directors according to the aforementioned resolution of the Board of Directors Meeting . This renewed contract is deemed a connected transaction relating to providing and/or obtaining financial assistance as PTT being the company's major shareholder. The Company hereby discloses the details of the transaction as follows :
Transaction Date:
20 December 2017
Related Parties and Relationship
PTT, a major shareholder of the Company with 38.51% shares of the Company
Connected Transaction Type
Obtaining Financial Assistance
Providing Financial Assistance
Short-term borrowing
Short-term lending
Facility Type
Uncommitted Unsecured Short-Term Loan
Currency
THB or USD, upon the mutual agreement between both parties
Contract Length
Less than 1 Year (20 December 2017 to 19 December 2018)
Basis for Calculation of Connected Transaction Value
Calculated from annual interest expense
Calculated from principle and annual interest income
Total amount not exceeding Baht 10,000 million
Total amount not exceeding Baht 1,500 million
The total connected transactions is less than 3% of Net Tangible
Assets as of 30 September 2017
Interest Rate
Obtaining Financial Assistance
Providing Financial Assistance
Prevailing Money Market Rate, an aggregate of BIBOR (Bangkok Interbank Offered Rate) or LIBOR (London Interbank Offered Rate) for Thai Baht-denominated loan and USD-denominated loan respectively (or mutually agreed appropriate interest rate in the case of market disruption) plus Interest Rate Spread by taking into account on the short-term interest rate that bank charge to the Company and credit rating of the Company which is equivalent to or lower than the interest rate from financial institutions.
Prevailing Money Market Rate, an aggregate of BIBOR (Bangkok Interbank Offered Rate) or LIBOR (London Interbank Offered Rate) for Thai Baht-denominated loan and USD-denominated loan respectively (or mutually agreed appropriate interest rate in the case of market disruption) plus Interest Rate Spread by taking into account on the return on short-term investments, credit rating of the borrower which is equivalent to or better than the cost of fund of the Company.
IRPC pcl published this content on 20 December 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 20 December 2017 11:14:07 UTC.
Original documenthttp://ir.listedcompany.com/tracker.pl?type=6&id=619448
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IRPC Public Company Limited is a Thailand-based integrated petrochemical company. The Company is principally engaged in the petroleum and petrochemical business with its products being refineries, lubricants, olefins, aromatics, plastic resins, and other petrochemical products. The Companyâs segments include petroleum products, petrochemical products, and other businesses. The petroleum products segment produces and sells refinery, lubricant, and asphalt. The petrochemical products segment produces and sells olefins, aromatics, and related products, including special products. The other businesses segment includes power plant, jetty, and other utilities. The Company operates a refinery and petrochemical complex in Rayong. Its main facilities are located within the IRPC Industrial Park, which features the infrastructure needed for its business, including a deep-sea port, an oil depot, and a power plant. Its refinery has a total capacity of approximately 215,000 barrels per day (bpd).
IRPC 
