20 December 2004 00:42 [Source: ICIS news]
SINGAPORE (CNI)--Thai Olefins Co (TOC) and PTT Pcl have completed the acquisition of Bangkok Polyethylene (BPE), a TOC official told CNI on Monday.
The two companies formalised the takeover in early December, after striking a deal for the purchase in August and signing a business agreement in November, with each company acquiring 85m shares for Baht1.7bn ($43.42m/Euro32.61m).
BPE’s major shareholders before the sale were ?xml:namespace>
The purchase will help TOC increase the captive use of its ethylene production, said the official.
“Almost 50% of our sales of ethylene come from BPE. By buying the company, we guarantee ourselves a market for our products. That will allow us to expand our capacity without worrying about our basic sales and source for new markets,” he pointed out.
BPE is a 250 000 tonne/year high-density polyethylene (hdPE) producer, whose plant is at the Mab Ta Phut petrochemical zone where TOC’s 300 000 tonne/year ethylene cracker is also located.
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