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


Interviews View All

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Top executives, Association

Top executives
Association

'Support and Outreach' huge relief for MSMEs

Top executives, Retailers

Top executives
Retailers

Weak rupee breeds inflation

Erwin Devloo,

Erwin Devloo

Picanol develops, produces and markets high-tech weaving machines, based...

Marcus Hardelauf,

Marcus Hardelauf

Germany-based Textechno is one of the leading manufacturers of testing...

Deepprakash Agrawal,

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Steve McCullough & Marco Weichert, Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Steve McCullough & Marco Weichert
Functional Fabric Fair & Design and Development GmbH Textile Consult respectively

Functional Fabric Fair is a trade-exclusive event showcasing the latest...

Luis Quijano, Liberty University

Luis Quijano
Liberty University

Focusing on bold patterns and colour palettes, Luis Quijano, a student at...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

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

Leave your Comments


October 2019

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

news category


Related Categories:

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search