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
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?
