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Indorama Ventures to buy majority stake in Avgol

May 14/2018

MOSCOW (MRC) -- Bangkok-based petrochemical producer Indorama Ventures has agreed to buy a 65.72 percent stake in Israels Avgol Industries for about USD314 million, said Reuters

Indorama will pay 5.78 shekels per share for a 50.76 percent in Avgol held by HFH International, and 14.96 percent owned by Leumi Partners, a subsidiary of Bank Leumi.

Bank Leumi said it expects a pre-tax gain of 118 million shekels (USD33 million) from the sale.

The Transaction is considered an acquisition of assets in accordance with the Notification of the Capital Market Supervisory Board No. TorJor. 20/2551, Re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets (as amended), and the Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets B.E. 2547 (2004) (as amended) (collectively referred to as the "Acquisition or Disposal Notification"). According to the Acquisition or Disposal Notification, the Company needs to calculate its transaction size percentage by considering four criteria. The total transaction size of the Transaction calculated based on the total value of consideration criterion, which gives the highest transaction value, and after computation with the transaction size of the Company's other acquisition transactions within the past 6 months, is equivalent to 16.65 percent that based on the value of total assets in consolidated financial statement ended December 31st, 2017. This 16.65 percent transaction size falls in between 15 - 50 percent which shall be determined as Class 2 transaction under the Acquisition or Disposal Notification.
Author:Anna Larionova
Tags:monoethylene glycol (MEG), PET-granulate, terephthalic acid, Indorama Ventures PLC.
Category:General News
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