THURSDAY, March 28, 2024
nationthailand

Firms spread wings in foreign deals

Firms spread wings in foreign deals

MINOR International Plc, Indorama Ventures Plc, and Central Plaza Hotel Plc are among listed companies that are expanding their investments abroad, with the three hatching deals that total more than Bt8 billion, filings to the stock exchange show.

Indorama Ventures Plc reported to the Stock Exchange of Thailand (SET) yesterday that the company - through its indirect subsidiary Wellman International Ltd - signed a share purchase agreement on July 30 with Aeromaritime Systems Group BV for the acquisition of 100 per cent of the shares of Sorepla Technologie S A and its subsidiary, Societe de Recyclage de Matieres Plastiques (Sorepla Industrie) S A, in France.
Sorepla is one of the largest plastics recyclers in Europe, with a capacity of 52,000 tonnes a year. The acquisition fits into IVL’s long term business “as well as our sustainability objectives and signifies our position as a leading recycler in Europe supporting the circular economy”, IVL said in the exchange statement, adding that the acquisition expands the opportunity for the company to cater to the increase in demand for recycled PET.
The company’s chief executive officer, Aloke Lohia, said that the deal represents a long-term investment for the group. The deal comes on the heels of the company’s announcement last week of its acquisition of Avgol Industries, a leading global manufacturer of non-woven hygiene fabrics, listed on the Tel Aviv Stock Exchange in Israel.
The company declined to disclose the value of the deal, but it yesterday also reported to the SET that it had received Bt13.01 billion from a transaction based on the exercise price of warrants No 2, representing the rights to purchase ordinary shares of the company from January 1 to June 30.
Up to Bt599.53 million will spent to repay loans, and the remaining Bt12.41 billion will be put towards business expansion, according to the company’s statement to the SET yesterday.
Meanwhile, Minor International Plc (MINT) yesterday reported to the SET that the company’s subsidiary MHG Continental Holdings (Singapore) Pte Ltd has secured the contractual right to purchase a further 22.49 million shares of NH Hotel Group SA, a Madrid Stock Exchange-listed company, from Oceanwood Capital Management LLP at 6.3 euros per share. The purchase, for a total of 141.73 million euros (Bt5.35 billion), is subject to the approval of MINT shareholders at a meeting on August 9.
Central Plaza Hotel Plc’s chief executive officer Thirayuth Chirathivat, said yesterday that the company has signed an agreement to construct a 601-room resort in Dubai, worth Bt2.63 billion, with Nakheel PJSC, the largest property firm in the United Arab Emirates.
The hotel will open under the name, Centara Deira Island Beach Resort Dubai. It will become the first hotel of Central Group in Dubai and is due to open in the last quarter of 2020, Thirayuth said. 
 

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