Posco officials take key Thainox positions
Thailand's major steelmaker Thainox Stainless has begun to undertake reorganisation of its management after South Korea's Posco acquired 60 per cent of its shares from its major shareholder, Prayudh Mahagitsiri and his family members.
The transaction diluted the Mahagitsiri family's shareholding to 10 per cent but Prayudh remains company chairman.
Prayudh said the share sales to Posco would benefit development of the country's steel industry as Posco is a global giant with best practices and technology.
Its Bt17.5-billion investment for the 60-per-cent stake in Thainox would also benefit Thailand.
Thainox's board of directors yesterday passed a resolution appointing Posco's Song Hyo-seok as managing director and director. The board also appointed Posco's Han Yeong-hwan as chief finance officer.
Posco had informed the Stock Exchange of Thailand about the tender-offer plan on Monday at Bt2.20 per share. The tender-offer period is from yesterday to October 25.
Thainox share price closed at Bt2.20 per share yesterday, up 1.85 per cent.
