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Indorama Ventures completes purchase of Bangkok Polyester
13
May '15
Global petrochemical and fibres producer and Thailand based Indorama Ventures Public Company Limited (IVL) said it has completed the acquisition of Bangkok Polyester PCL in Rayong, Thailand.

A press release from IVL informed that the acquisition raises Indorama Ventures PET capacity share in Thailand from 43 per cent to 58 per cent.

Earlier on March 18, IVL had said that its subsidiary Indorama Petrochem Ltd has signed a definitive share purchase agreement to acquire a 94.91 per cent equity stake in Bangkok Polyester PCL.

Bangkok Polyester manufactures and markets premium grade PET resins for packaging of food, drinks, cosmetics and medicine to overseas and domestic customers and has an annual capacity of 105,000 tons.

It was setup in February 1994 with an 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.

Bangkok Polyester is a significant exporter of PET to Japan, which is currently the world’s largest importer of PET, and enjoys zero import duties from Thailand.

"The acquisition of Bangkok Polyester is in line with the Company’s strategy of vertical integration as it is located close to the Company’s PTA facilities in Rayong," IVL added in the press release.

Group CEO Aloke Lohia said, “This acquisition is of significant synergistic value to us and will further allow us to work even more closely with customers in Thailand and in Japan.

“Our multiple sites in Thailand as well as in the region with a full portfolio of regular and differentiated PET offer us a unique positioning and superior risk mitigation,” he added. (AR)

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