Thailand’s largest industrial conglomerate Siam Cement Group Pcl (SCG) acquired a 55% stake in Indonesian paper packaging company, PT Fajar Surya Wisesa Tbk from existing shareholders for $665 million, it said on Friday.
“The major shareholding in Fajar will allow SCG to enhance its ASEAN growth, especially in Indonesia,” chief executive Roongrote Rangsiyopash, said referring to the Association of Southeast Asian Nations.
SCG’s packaging business profits of 1.68 billion baht, made up 14.4% of the company’s profit in the three months ending in March.
Financing will come from internal sources, Roongrote said, adding that the transaction is expected to be completed in the third quarter of this year, after which SCG will make a mandatory tender offer.
By Chayut Setboonsarng
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.