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
Source: Reuters
Neste will provide Avfuel with SAF in volumes able to meet the growing demands of Avfuel’s customers, including fixed base operators (FBOs), airports, flight departments, original equipment manufacturers (OEMs) and commercial operators.
Operation of the plant is a joint enterprise between Borealis, TOMRA and Zimmermann. Borealis is responsible for the plant’s commercial success and contributes its expertise and knowledge in innovation, recycling and compounding.
Johnson Matthey announces that Stephen Oxley will join the company’s board on 1st April 2021 as Chief Financial Officer (CFO).
