Home / Knowledge / News / Textiles / Indorama Ventures takes over Tuntex (Thailand)
Indorama Ventures takes over Tuntex (Thailand)
20
Dec '08
Indorama Ventures Company of Thailand has acquired 97 percent equity stake in Tuntex (Thailand) Public Company Limited. On acquisition, name of the company has been changed to Indorama Polyester Industries Public Company Limited. The plants are located in Map-ta-Phut, Rayong, Thailand.

Indorama paid Baht250 million (US $7.14 million) last week for an additional 31 percent stake. The Company now plans to make Tuntex a fully owned subsidiary by late January 2009. Tuntex will then be de-listed from the Thai stock exchange.

Indorama Ventures acquired the equity stake in the company in October, 2008 and has restarted operations with a trial run on December 15, 2008.

Sources from the Company informed Fibre2fashion.com that on December 16, an extraordinary General Meeting of shareholders of Tuntex (Thailand ) Public Company Limited was called to pass few resolutions regarding this acquisition.

On this day, Tuntex accepted resignation of their Directors namely, Mr Chan Jei-Chien, Mr Lin Jung-Tsung, Mr Solarn Suthiphongkanasai.

Fibre2fashion News Desk - India

Must ReadView All

L-R Manish Singhai, COO, Peter England; Vinai Kumar Saxena, chairman, KVIC; Ashish Dikshit, business head, ABFRL and Anshu Sinha, CEO, KVIC while signing agreement. Courtesy: ABFRL

Textiles | On 24th May 2017

Aditya Birla & KVIC enter into a strategic partnership

Aditya Birla Fashion and Retail Ltd (ABFRL) and Khadi and Village...

Courtesy: Jabong

Apparel/Garments | On 24th May 2017

Jabong Mood Store redefines online shopping in India

Jabong, India's leading online fashion retailer, has launched the...

Textiles | On 24th May 2017

Starlinger unveils FX 8.0 circular loom for fabric making

Starlinger, a leading supplier of machinery for woven plastic...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search