Noida-based thin polyester film maker Polyplex Corp has increased its stake in Thailand-based subsidiary Polyplex (Thailand) Public Company Ltd, as per a stock market disclosure. Financial details of the transaction, however, have not been disclosed.
A rights offering of shares has been made by Polyplex Thailand, at a price of baht 6.40 per share of the face value of baht 1.00 each to Polyplex Corp and its wholly owned subsidiary Polyplex (Asia) Pte. Ltd, pursuant to the rights offering of ordinary shares.
With the transaction, the equity stake of Poylplex Corp in Polyplex Thailand has increased to 54.08% from 51%, the statement said.
Polyplex Corp is a manufacturer of Biaxially Oriented Polyester (BOPET) film for packaging, electrical and other industrial applications.
Polyplex Corp, which is the world's fourth-largest producer of thin polyester film, runs integrated manufacturing and distribution operations in six countries—India, Thailand, Turkey, the US, China and The Netherlands.
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