Bangkok--Dec 14--Siam PR Consultant
Polyplex, manufacturer and distributor of polyester film, prepares to trade on the Stock Exchange of Thailand (SET) on December 15 this year. Investors expressed confidence through subscription of 240 million shares at the price of 6.9 a share, cheaper than 7.0 baht apiece determined during a book building. Analysts have earlier estimated the price of Polyplex shares at around 8.50-12.90 baht apiece at 1 baht par value, as the shares are ideal for medium-and long-term investments.
Sanjiv Saraf, Managing Director of Polyplex Public Company Limited or PTL, disclosed that his company was scheduled to start trading on the Stock Exchange of Thailand (SET) on December 15, 2004, following positive turnover during the subscription period held during November 30 — December 1. “The 240 million new shares were subscribed according to projections. Investors are confident that the stock will be good for medium- and long-term investments, following its strong production capability and growth. Our new factory in Turkey will be operational soon to bolster export productions,” he said.
“The company has moved ahead in being the largest manufacturer of PET film. The company’s annual production output has been raised from 39,000 tons to 48,000 tons. In addition, Polyester film or PET film made from PET chips or PET resins, is a type of product useful to various industries,” he explained.
“The new plant operation in Turkey bolsters the confidence on the part of investors as it reflects significant growth in Polyplex’s operation. We have targeted to maintain market leadership through greater production capacity and cost efficiency. Polyplex will concentrate on exporting to Central Europe, Eastern Europe, Western Europe, Russia, the CIS block, Middle East and North Africa. The operation will be enhanced by production expansion in to Turkey in order to accommodate the growing demand. The plant in Turkey will operate under a local joint venture company through Polyplex holding via Polyplex (Singapore) PTE Limited. It will be ready for operation next year,” he said.
Polyplex (Thailand) Public Company Limited is majority held by Polyplex Corporation Ltd. (PCL) in both direct and indirect holdings. The parent company operates the same type of business in India in the last 16 years. Polyplex (Thailand) Public Company Limited is situated within Siam Eastern Industrial Park, Rayong Province. The company’s paid up registered capital is accounted to 560 million shares or 560 million common shares at par value of 1 baht apiece, After the IPO, the company’s registered capital will increase to 800 million baht. End.