|
MOSCOW (MRC) -- Thaniland's PTT Global
Chemical Public Company Limited’s (PTTGC) plans to
acquire minority shares of Vinythai Public Company Limited (VNT) through a
delisting tender offer, according to Kemicalimfo with reference to Chief
Executive Officer, Dr. Kongkrapan Intarajang's statement to the Stock
Exchange of Thailand (SET).
Through this acquisition, PTTGC aims to
strengthen its tie with downstream chemicals business that is essential to
Thailand’s industry, and also to expand its business to Cambodia, Laos, Myanmar,
and Vietnam (CLMV) markets.
The company's Board of Director’s
special meeting on 18 March 2021 has resolved to approve PTTGC to, subject to
certain conditions, proceed a delisting tender offer of all common shares of VNT
to delist the securities of VNT from the SET, at the offer price of THB 39 per
share, which is subject to price adjustment in accordance with the laws and
regulations of the Securities and Exchange Commission,
Thailand.
VNT’s majority shareholder, AGC Inc., has agreed not to
tender any of its majority stake in VNT through the DTO. VNT is and continues to
be a core business and subsidiary of AGC after the DTO.
Following the
delisting of VNT’s securities from the SET, GC together with AGC has a potential
plan to amalgamate VNT and AGC Chemicals (Thailand) Company
Limited.
AGC-TH”, which will become a major shareholder of AGC Chemicals
Vietnam Company Limited (AGC-VN), to form a new non-listed public company. AGC
will hold a majority stake in the new company.
This partnership
aims to strengthen competitive position and build synergies for VNT, AGC-TH and
AGC-VN, under an integrated PVC and Chlor-Alkali business operator in Thailand
and Vietnam. The amalgamation will enable the new company to have a cost
effective and better competitive advantage in key production facilities
including 450,000 tons per year of polyvinyl chlorie (PVC), 720,000 tons per
year of caustic soda and 120,000 tons per year of bio-based epichlorohydrin
(ECH). After the completion of the amalgamation, the newly non-listed public
company may increase its capital by issuing new share to GC via private
placement.
As MRC reported earlier,
in February 2021, PTT Global Chemical awarded Samsung Engineering a USD127-MM
EPC contract to modify the Map Ta Phut olefins complex in Thailand. Samsung"s
scope is to increase the throughput of propane for the production of propylene
by building propane-propylene split and distillation towers and modify the
current facilities. The project is scheduled to be completed by 2023. According
to Business Korea, Samsung Engineering is currently carrying out two plant
projects of PTT GC - the Olefin Project and the Propylene Oxide
Project.
According to MRC's ScanPlast report,
Russia's overall PVC production reached 169,200 tonnes in the first two months
of 2021, down 4% year on year. All producers decreased production volumes over
the reported period.
PTT
Global Chemical is a leading player in the petrochemical industry and owns
several petrochemical facilities with a combined capacity of 8.45 million tonnes
a year. |
