Shareholding Restructuring and Delisting of BANGCHAK SRIRACHA Public Company Limited
The Stock Exchange of Thailand (SET) issued a cautionary advisory on 2 December 2025 regarding the securities of BANGCHAK SRIRACHA PUBLIC COMPANY LIMITED (BSRC). BSRC will be delisted as part of a corporate shareholding restructuring carried out by its sister company, BANGCHAK CORPORATION PUBLIC COMPANY LIMITED (BCP).
BCP completed a tender offer for BSRC’s ordinary shares on a 6.5‑to‑1 basis during the period 24 October 2025 to 27 November 2025. Under the plan, each BSRC share tendered is exchanged for a newly issued BCP share. BCP is now applying to the SET for the listing of those newly issued ordinary shares, which will become the replacement instrument after BSRC’s delisting.
Implications for Investors
No Secondary Market for BSRC – Once BSRC is removed from the exchange, its securities will cease to trade on the secondary market. Investors holding BSRC shares must complete the tender offer before 27 November 2025 or accept the loss of liquidity.
Timing of BCP Share Listing – BCP’s new shares are scheduled to begin trading on the same day that BSRC is delisted. Until the application is approved, there is uncertainty about the exact listing date, adding an element of risk for holders of BSRC shares who have not tendered.
Valuation Considerations – The 6.5:1 swap ratio implies that each BSRC share is valued at one‑sixth of a BCP share. Investors should review BCP’s current market price (32.5 THB on 27 November 2025) to assess whether the offered exchange ratio reflects the underlying value of the companies.
Operational Continuity – Both companies operate in the same sector (textiles and fuel retail). The restructuring is primarily a corporate governance move rather than a reflection of operational distress, but investors should remain vigilant for any post‑delisting developments.
Fuel Price Update from Bangchak’s Retail Network
In parallel with the corporate announcement, Bangchak’s retail network reported fuel prices for the week ending 2 December 2025. Prices were released by four major fuel stations—PTT, Bangchak, Shell, and PT—across the country, reflecting a competitive landscape that influences consumer behavior.
Key Price Points (Bangchak Station)
| Fuel Type | Price (THB per litre) |
|---|---|
| Gasoline 95 | 31.85 |
| Diesel B7 | 30.94 |
| Gasoline 91 | 31.48 |
| Ethanol‑E20 | 29.64 |
| Ethanol‑E85 | 27.59 |
| Premium Diesel | 45.64 |
Market Context
- Comparable Pricing: Bangchak’s gasoline and diesel prices are closely aligned with those of PTT, Shell, and PT, indicating a tightly coupled pricing strategy among the four major fuel distributors.
- Ethanol Pricing: The E20 and E85 fuels are priced marginally lower than regular gasoline, reflecting the subsidy and promotion policies that support blended fuels in Thailand.
These retail price updates are relevant for investors assessing Bangchak’s revenue mix, especially as the company balances its traditional textile operations with its growing presence in the fuel sector.
Bottom Line
The upcoming delisting of BSRC and the issuance of new BCP shares represent a significant structural change for the Bangchak group. Investors must weigh the immediate liquidity impact against the longer‑term benefits of a unified corporate structure. Simultaneously, the company’s retail fuel network continues to operate competitively, with price updates that reinforce its position in Thailand’s energy market.
