03 August 1998 00:00 [Source: ICB Americas]Nissho Iwai Corporation (NIC) has raised its stake in Thai Central Chemical Public Company (TCCPC) from 23.5 percent to 41.8 percent, making it the largest shareholder in TCCPC, a producer of chemical fertilizers. The company plans to develop its fertilizer business, mainly in Southeast Asia.
According to Hiroo Takemoto, assistant manager in NICÕs inorganic chemicals and fertilizer department, the company expects increased fertilizer consumption in Thailand. ÒThailand has not completely recovered from the economic crisis,Ó Mr. Takemoto says. ÒFertilizer business there is little damaged and we think that it will even expand more.Ó
The companyÕs confidence in the industryÕs growth is based on ThailandÕs dependence on agriculture. Forty-one percent of the countryÕs land is under cultivation and agricultural products account for 10 percent of the nationÕs GDP, the company says.
TCCPC fertilizers are mostly used locally, though some are exported to Vietnam. The company has plants in Thailand at Samutprakarn and Nakorn-Luang.
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