TK Chemical sale to be concluded soon

16 May 2008 03:55  [Source: ICIS news]

SINGAPORE (ICIS news)--The sale of South Korea’s largest polethylene terephthalate (PET) bottle chip producer, TK Chemical Corp to the Samla-in-Midas Group (SM Group) will be completed soon, a company source said on Friday.

"The final payment for TK Chemical will be completed very soon," said the executive without specifying an exact date or amount.

He added that the SM Group had employed a combination of "some borrowings, investments and refinancing" to fund its purchase.

Officials from the SM Group could not be contacted for comment.

Tongkook’s PET bottle chip plant in Gumi, which is located near the port of Busan in South Korea, has an annual capacity of 280,000 tonnes of PET bottle chips.

The company also has two polyester yarn plants and a spandex yarn facility in Gumi.

The company’s PET chips were pegged at around $1,430-1,440/tonne (€930-936) FOB (free on board) Korea for May.

($1 = €0.65)

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By: Hong Chou Hui
+65 6780 4359

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