Hydrotek delays UAC merger
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Water-treatment specialist Hydrotek yesterday announced the indefinite postponement of its plan to merge with Universal Adsorbents & Chemicals (UAC) because of unfavourable market conditions both inside and outside Thailand.
Hydrotek reported to the Stock Exchange of Thailand that its board agreed on Friday to postpone the merger plan without an exact schedule for resumption. The board also agreed to cancel the proposed sale of 49,997 shares the company holds in UAC Hydrotek to UAC, which was part of the merger plan.
The decision to postpone the plan was based on the fluctuations in domestic and international financial markets. The postponement will not affect Hydrotek’s business operations. The company will continue its collaboration with UAC.
UAC also revealed that its board on Saturday agreed to the postponement after notification by Hydrotek on its board's resolution on the issue.
