Thai NFC completes second capital increase
11 June 2004 03:32 [Source: ICIS news]
SINGAPORE (CNI)--Thailand’s National Fertiliser Co (NFC) has increased its registered capital for the second time in two months to a cumulative Baht2.49bn ($61m/Euro50.9m), up from Baht648.6m after the first increase, by offering 183m new common shares at a price of Baht10 each.
In a statement to the Stock Exchange of Thailand (SET), NFC said 183.8m of the new shares were sold to 10 individual investors on 8 June through a private placement. Another 51.34m shares are to be sold to the public as part of the capital raising.
Earlier last month, NFC increased its registered capital to Baht648.6m by issuing 58.37m new common shares to creditors at a par value of Baht10 each. The measures are part of a debt-restructuring plan. The company earlier said the capital increases would provide sufficient capital for the company to operate.
The company hopes to further resolve its debt problems by attracting strategic investors. Chinese fertiliser major, the Xiyang Group, and Thai construction company, the Picon Group, have signed an MoU to jointly acquire a strategic stake in NFC
NFC is based in Mab Ta Phut petrochemical zone, Rayong province, where it operates facilities that can produce 280 000 tonne/year of phosphoric acid, 460 000 tonne/year sulphuric acid, and 1.1m tonne/year of nitrophosphate.
By: Chris Myrick
+44 208 652 3214
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