Japan’s AGC completes integration of Thailand, Vietnam chlor-alkali ops
SINGAPORE (ICIS)–AGC has completed the consolidation of its chlor-alkali operations in Thailand and Vietnam under a new company called AGC Vinythai Public Co, the Japanese glass, chemicals and high-tech materials producer said on Monday.
Placed under AGC Vinythai are two subsidiaries in Thailand, namely, a 58.78%-owned Vinythai Public Co (VNT) and a fully-owned AGC Chemicals (Thailand) Co; and a 78.11%-owned Vietnamese subsidiary AGC Chemicals Vietnam Co (ACVN).
AGC has a 70.22% stake in the newly formed company, with Thailand’s PTT Global Chemical (PTTGC) holding a 27.32% stake.
AGC and PTTGC are now “in the consideration process” to increase the Thai producer’s ownership in AGC Vinythai to as much as 35%, while the Japanese group’s stake in the new company will not fall below 65%.
“The final shareholding ratio of the two companies will be disclosed as soon as it is determined,” AGC said, adding that the impact on its consolidated business results will be minimal since the re-organisation is taking place among its consolidated subsidiaries.
Japan’s AGC Inc had said in May this year that it will invest more than yen (Y) 100bn ($739m) to raise its chlor-alkali production capacity in Thailand by the first quarter of 2025.
($1 = Y135.4)