INTERVIEW-Thai cooking gas firm eyes Vietnam expansion

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By Ploy Chitsomboon

BANGKOK, April 8 (Reuters) - Siam Gas and Petrochemicals PCL, Thailand's number two distributor of liquefied petroleum gas (LPG), plans to expand into Vietnam after listing on the Thai bourse in a few months, the company's managing director said. "We want to sell shares as quickly as possible," Supachai Weeraborwornpong told Reuters on Tuesday, adding that the initial public offering was now planned for May or June. The IPO had been expected last November but was delayed pending approval from market regulators.

"We're working on the price range right now, but the proceeds will be more than 1 billion baht ($32 million)," he said.

Siam Gas, which sells LPG for home, automobile and industrial use, planned to sell 280 million shares, about 29 percent of its 950 million baht registered capital, to expand its network of service stations and repay debt.

Supachai said some of the proceeds would be invested in an LPG terminal in Vietnam, a growing market for LPG.

"We'll invest about 400 million baht in Vietnam this year and it should take about 10 months to finish construction of the terminal," he said.

The company's long term plans could include forays into neighbouring Cambodia and China, but that would take another 3-5 years, Supachai said.

At home, Siam Gas planned to spend about 650 million baht ($20 million) on new facilities to receive and stockpile gas in the capital Bangkok, he said.