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, Europe’s biggest operator of electrolysis needed to produce clean, low carbon hydrogen, has doubled down on its €2 billion investment in green hydrogen with the launch of a hydrogen advocacy campaign. The campaign kicked off with the publication of a powerful editorial in the Sunday Telegraph on the hydrogen economy written by Sir Jim Ratcliffe, INEOS’s founder and chairman.
Vertellus, a manufacturer of specialty products for consumer goods, food & agriculture, healthcare, and industrial markets, today announced the completion of its acquisition of IM Chemicals. With the addition of IM Chemicals, Vertellus expands its specialty ingredients portfolio into new markets and bolsters its manufacturing capabilities in Europe.
A new collaboration between scientists, engineers, industry and farming experts hopes to demonstrate how clever technology can reduce the powerful greenhouse gases released by livestock to help agriculture reach carbon emissions targets.