Indorama Ventures Company of Thailand has acquired 97 percent equity stake in Tuntex (Thailand) Public Company Limited. On acquisition, name of the company has been changed to Indorama Polyester Industries Public Company Limited. The plants are located in Map-ta-Phut, Rayong, Thailand.
Indorama paid Baht250 million (US $7.14 million) last week for an additional 31 percent stake. The Company now plans to make Tuntex a fully owned subsidiary by late January 2009. Tuntex will then be de-listed from the Thai stock exchange.
Indorama Ventures acquired the equity stake in the company in October, 2008 and has restarted operations with a trial run on December 15, 2008.
Sources from the Company informed Fibre2fashion.com that on December 16, an extraordinary General Meeting of shareholders of Tuntex (Thailand ) Public Company Limited was called to pass few resolutions regarding this acquisition.
On this day, Tuntex accepted resignation of their Directors namely, Mr Chan Jei-Chien, Mr Lin Jung-Tsung, Mr Solarn Suthiphongkanasai.
