BANGKOK, June 2 — Thailand’s biggest energy company PTT is examining a proposal to list its retail marketing business and is expected to complete the study in the third quarter of this year, the state-backed company’s investor relations official told Reuters today.

PTT has hired JPMorgan Chase & Co, Phatra Securities, and other domestic banks to advise on the potential IPO, people familiar with the matter said. 

The sources declined to be identified as the information was not yet public.

Kasikorn Securities, brokerage unit of Kasikornbank, has also been hired, a Kasikorn official said.

PTT’s retail division may be valued between US$2 billion and US$3 billion (RM8.318 billion and RM12.477 billion), the people said. 

One of the proposals being considered include bringing in a strategic partner before the likely IPO in 2017, they added.

The PTT official declined to comment on hiring of the banks and the timing of the IPO.

JPMorgan declined to comment. Phatra Securities did not offer an immediate comment. — Reuters