Bangkok--7 Nov--124 COMMUNICATIONS
IRPC Public Company Limited announces today that the company is now ready to move forward as it has fully recovered from the rehabilitation program. Dr. Piti Yimprasert, IRCP Chief Executive Officer, said the end of almost a decade of financial and organizational restructuring saga would pave the way for IRPC to go forward with its long-term plan to become one of the global and regional players in petrochemical industries.
“It was a result of hard work and dedication by all parties that worked together to find the best possible and workable alternatives for stakeholders. Now that the hurdles have been crossed, some 7,000 people at IRPC are working together to obtain the best possible results in order to tap the growing global and regional potential in the years to come,” added Dr. Piti.
To make way for new business horizons, shareholders approved changing the name from Thai Petrochemical Industry Public Company Limited (TPI) to IRPC Public Company Limited on October 26, 2006. The stock trading symbol has also changed from TPI to IRPC, effective November 6, 2006.
A flow of positive feedback was received from international financial and investment communities during the recent international road-show in the United Kingdom and the United States. Investors completely support the new management and are fully confident of the company’s business potential.
Regarding new investments in the next 3 to 5 years, IRPC plans to invest US$1 — 1.2 billion in 3 major infrastructural projects including US$ 200 -250 million in a 200 megawatt power plant, US$900 million in developing an oil refinery and US$ 50 million in deep-sea port dredging.
IRPC’s top 5 major shareholders include PTT Plc. with 31.50% stake, Government Saving Bank with 10%, Government Pension Fund with 8.60%, Vajupak Fund 1, managed by Krung Thai Asset management Plc, and Vayupak Fund 1, managed by MFC Asset management Plc., with 5% each.
The name change from Thai Petrochemical Industry Plc to IRPC Plc was approved at this year’s second extraordinary general shareholders meeting held on October 26, 2006. The company completed the legal process of changing its name at the Ministry of Commerce on October 31, 2006 and its symbol at the Stock Exchange of Thailand on November 6, 2006.
Prepared for IRPC Plc. by 124 Communications Plc.
For more information please contact :
Inthira Chaion-nom
Duchanee Nualkiew
Kachaphob Sa-Nguanwong
Tel: 662 6622266
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