Polyplex Sells Stake In Its Thai-Listed Subsidiary
Thin polyester film maker Polyplex Corporation has sold 10% stake of its Thai-listed subsidiary Polyplex (Thailand) Public Company Ltd, Thailand (PTL) to raise funds for further growth of business.
On November 5, 2010 it sold 50,500,000 shares constituting 6.3125% shares of its 70% holding in its Thailand subsidiary.
It sold a further 3.7% stake over the last fortnight in its subsidiary, bringing down its holding to 60%.
Transaction Reference: BSE
Polypex is the world’s fourth largest producer of thin polyster film. It has manufacturing facilities located at Khatima (Uttarakhand), Rayong (Thailand which is owned and operated by PTL) besides one facility at Çorlu (Turkey).
It has combined capacity of around 1,51,000 MTs of Polyster film (India – 51,000 MTs, Turkey – 58,000 Mts and Thailand – 42,000 MTs) and 35,000 BOPP films capacity in India.
The company owns 70% each in Thailand (with the current deal - holds 60%) and Turkey subsidiaries and Thai subsidiary is a listed company
Early this year, its Thai arm had decided to go ahead with a capacity expansion programme for its Turkish subsidiary at the cost of $80 Mn.
Polyplex net sales rose by 108.7% yoy to Rs.606 cr in Q2 FY 2011 as compared to Rs.290 Cr in Q2 FY 2010. Its net profit increased by 486.4% yoy to Rs.122 Cr in Q2 FY 2011 as compared to Rs.21 Cr in Q2 FY 2010.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 19/11/10 | Polyplex (Thailand) Public Co. - Polyplex Corporation (Stake Sale 2) | M&A | - | |
| 05/11/10 | Polyplex (Thailand) Public Co. - Polyplex Corporation (Stake Sale 1) | M&A | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 23/04/12 | M&A | Max India Limited | Polypropylene Business | - | Planned |
| 21/03/12 | M&A | Amcor Ltd | Uniglobe Packaging Private Limited | 20.70 | Completed |
| 01/03/12 | M&A | RDB Rasayans Limited | Surya Polytex Private Limited | - | Planned |
| 01/02/12 | Private Equity | Aureos South Asia Fund | Sai Security Printers Private Limited | 7.07 | Completed |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Polyplex Corporation Limited | Jindal Poly Films Limited (Formerly Jindal Polyester Limited) | |||
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