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Indorama Ventures subsidiary acquires Bangkok Polyester
19
Mar '15
Indorama Ventures said its subsidiary Indorama Petrochem Ltd has signed a definitive share purchase agreement to acquire a 94.91 per cent equity stake in Bangkok Polyester Public Company Limited (BPC).

“BPC is a producer of PET polymers in Rayong, Thailand, with an annual capacity of 105,000 tons,” Thailand based Indorama Ventures, said in a press release.

The value of the acquisition is less than 15 per cent and the total size of transactions in the past 6 months is also less than 15 per cent.

“Hence, this transaction is not subject to disclosure norms as per the regulation concerning the acquisition and disposal of assets of listed companies,” it added.

The transaction, subject to customary approval, is expected to be completed in the second quarter of 2015.

BPC manufactures and markets premium grade PET resins for packaging of food, drinks, cosmetics and medicine to overseas and domestic customers.

BPC was setup in February 1994 with initial registered capital of baht 1,000,000, which was increased to bath 1,235,625,000 within two years.

It became a public limited company in July 2000 and currently, the Company has a registered capital of baht 200,123,560 divided into 20,012,356 common shares at a par value of baht 10 per share.

Indorama Ventures is one of the world’s leading petrochemical producers and a leading global manufacturer of wool yarns.

Indorama Ventures is the largest PET producer globally and also the largest polyester fibre producer in Thailand.

Indorama Ventures is also a world scale manufacturer of purified terephthalic acid (PTA), a key raw material for the production of polyester. (AR)

Fibre2fashion News Desk - India

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