This is in accordance with the proposal of the Ethics Committee of the Fund. After the unacceptable risk that the two companies are involved in theviolate human rightsinBurma After the riots incident from 2021
The ethics committee also said the two Thai energy giants are collaborating with a company owned by the government and the Myanmar military, PTT Exploration and Production Public Company Limited or PTT Exploration and Production Public Company Limited. PTTEP extension subsidiary of PTT entered into an alliance with the Burmese government’s Myanma Oil and Gas Enterprise (MOGE). explore andnatural gas productionThree locations off the coast of Myanmar
while OR Has a joint venture with the Myanmar Economic Corporation (MEC) of the Myanmar Army for the construction of an oil depot and a liquefied natural gas refueling plant (LNG) it equals the activity of the group PTT contributes to the revenue of the Myanmar Armed Forces. to be used in support of military operations and violence Contrary to the practices of the fund The Ethics Committee therefore proposed to cut the PTT and OR shares held by the fund, both by 0.35% and 0.23%.
As soon as the news got out, it had a negative impact onPTT share price and OR immediately. Over the past week, PTT stock price is down 0.8% and OR is down 2.12%. At the same time, it was feared that other foreign funds Will you give up investing in both stocks or not?
In order to reduce panic, PTT recently came out to clarify the current news that has occurred stating that PTT respectshuman rights principles And there is deep concern about the violence that has occurred in Myanmar since theCoup of 2021 since PTT supports peaceful resolutions obey international law and practice In the past, the company has closely monitored the situation. to improve management decision-making Ensure that these investments will support the Sustainable Development Goals. It helps to increase the potential for equal access to energy sources.
The OR section issued a statement on business operations in Myanmar. The company acquired a 35% stake in the Brighter Energy (BE) joint venture in 2019 to operate in the wholesale and storage of petroleum products. The construction of an oil products depot is underway. Aiming to create and improve the quality of life for the people of Myanmar.
In 2021, there was a violent incident in Myanmar, includingboycott (Sanctions) from many countries The Company has expressed its intention as a minority shareholder for BE to stop building the treasury, provided that OR makes no further capital payments and BE does not have to make payments to any person on the list of sanctions and strictly implementing guidelines and policies that will not be involved in advocating violence. and human rights violations resulting from BE’s operations in Myanmar.
sideAsia Plus titles Stating that, when considering the proportion of OR shares held by the nationality of investors, it was found that the majority of OR shares were held by Thai investors, up to 96.6% of the total number of shares.
and have an ownerforeign sharesDirect holdings account for just 3.4% of the total, with the UK in first place. accounting for 2.1% of total shares According to investigations conducted at the company, it turned out that Norge Bank was also included in this group.
As regards PTT, the largest foreign investor is also the United Kingdom, with 5.85% of the total shares.
However, if there is a case where the remaining percentage of foreign groups actually sell all the shares OR expected impact onstock priceit will be quite limited While the fundamental factor does not affect the projection and the fundamental value in any way.
