Thai Company to start divesting all stakes in Tien Phong Plastics JSC to gain expected US$66 million
By Minh An
September 23, 2017 | 06:56 AM GMT+7
The Siam Cement Group Public Company Limited (SCG), the largest cement and building material company in Thailand and Southeast Asia who holds up to 98 per cent stake of Nawaplastic, announced that Nawaplastic will start offering its 23.8 per cent stake in Tien Phong company.
Tien Phong company's plastic plant of (Photo: NTP)
The Nawaplastic Industries (Saraburi) Co., Ltd. providing PVC, vinyl, and mould products in Thailand and internationally, currently holds a 23.8 per cent stake worth US$66 million in Tien Phong Plastic Joint Stock Company (Tien Phong company).
The US$227 million Tien Phong company dominates the plastic pipe market in the north of Vietnam. The Thai investor can gain US$66 million from this divestment.
Nawaplastic started to invest in Tien Phong company in 2012 and purchased more stock in 2013, with the total investment value of VND500 billion (roughly US$22.04 million). It has gained up to VND170 billion (roughly US$7.5 million) in dividend since 2012.
Nawaplastic has also possessed 20 per cent stake in Binh Minh Plastics Joint Stock Company that is currently the dominating the plastic pipe market in the south of Vietnam. The investment was implemented in 2012 and is currently worth several times the market value of the initial investment. Nawaplastic’s holding company also owns shares in a company occupying 15% of the Polyvinyl Chloride (PVC) market share in Thailand.
In Vietnam, SCG is actively operating in many areas including packaging, cement, concrete and building materials. Recently, this corporation has also acquired many cement companies such as clinker production plant in Van Hoa, Tuyen Hoa district, province Quang Binh of Vietnam Building Materials (VCM), Holcim Vietnam and Buu Long Cement Plant in Dong Nai.
SCG is currently the biggest shareholder of US$5.4 billion Long Son petrochemical complex which is expected to be commercially operated in 2022.
SCG has announced that in the first half of 2017, its revenue in the Vietnam market was VND12,300 billion (roughly US$532 million), 17 per cent higher than the same period of last year.
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