PICNIC – A Tank Full of Promise, A Trail of Uncertainty
A small gas company skyrocketed in Thailand’s stock market. But what was really fueling Picnic’s rapid rise?
At a glance
Type of Business
Energy
Case Time Frame
2001 - 2005
Revenue
7 billion Thai Baht (US$215 million)
(as of 2004)
Abstract
This case study investigates the rise of Picnic Corporation, a Thai energy company that experienced rapid expansion in the early 2000s. Originally starting as a small engineering business, the company gained attention through its bold acquisitions and investments in liquefied petroleum gas (LPG) distribution domestically and internationally. Its aggressive growth strategy, high-profile acquisitions, and fast-paced capital raising attracted a wave of investor interest and media coverage. However, as the company expanded, questions began to emerge regarding its financial management, corporate transparency, and internal governance.
This case study highlights the transparency of corporate governance in a large corporation through an in-depth exploration of Picnic Corporation's financial incident. It raises important questions for learners about accountability and the role of oversight bodies in maintaining trust in capital markets, particularly in growing economies.
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Disclaimers:
(1) Regarding Case Study Content: This case study is based mainly on secondary data and analysis of publicly available information unless otherwise stated, and is intended solely for educational purposes. Any opinions expressed by the author(s) are designed to facilitate learning discussion and do not serve to illustrate the effectiveness of the company. Additionally, banner images and logos used in the case study are intended for visualization in an educational setting and it is not used to represent or brand the company. For any dispute regarding the content and usage of images and logos, please contact the team.
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