Bangkok--17 Jan--Indorama Ventures
Major shareholders place out 270,000,000 ordinary shares of Indorama Ventures Public Limited. Transaction valued at Thai Baht 12 billion (US$395 million)
Canopus International Limited has placed out 270,000,000 ordinary shares of Indorama Ventures PCL ("IVL"), which represents an approximate 6.2% interest in IVL, to a number of investors including institutional and financial portfolio investors. The overnight deal was accomplished so that the major shareholder could ensure the stability of the shares in the market and offer large institutional investors the opportunity to hold a part of one of Thailand’s fastest-growing companies over the long term thus lowering volatility and ensuring liquidity remains high. The major shareholder has agreed to a lock up of 90 days. Moreover, the major shareholder will fully subscribe to the 72% allocated portion of Transferable Subscription Rights (TSRs) under IVL’s capital increase so as to guarantee that the company can move forward with its ambitious plans to establish itself as the world’s foremost Polyester value chain producer.
The deal highlights included the ability to increase the deal by 80% on the back of strong global demand. Key offering objective was to broaden IVL's shareholder register to high quality international institutions and this objective has clearly been achieved. In terms of demand, it came from global institutions with a bias towards Asia and Europe, but with participation from all regions. The offering represents an important step for IVL's development in the capital markets by increasing IVL's awareness and track record of success with global institutions.
Indorama Ventures, listed on the Thai stock exchange, is one of the largest vertically integrated polyester chain producers in the world, the largest PET producer globally and the largest polyester fiber producer in Thailand.
The shares were placed out at a price of Thai Baht 44.50 per IVL share which represents a discount of 3.8% to the last closing price of Thai Baht 46.25.
Credit Suisse, Morgan Stanley and Bualuang Securities acted as joint placement agents for the Vendor.
About IVL:
IVL completed an IPO of its shares on 5 February 2010. It is now listed on the Thai Stock Exchange ("SET") under the symbol "IVL". IVL is a member of major stock indices SET 50 Index, FTSE SET Large Cap Index and MSCI.
For more information about IVL, you may call IVL at +662 661 6661 extension 680 or email
[email protected] or go to www.indoramaventures.com.