Indorama Ventures acquires packaging firm Medco
Courtesy: Indorama Ventures
Indorama Ventures Public Company Limited (IVL), via its indirect subsidiary, Indorama Netherlands B.V., has acquired a packaging business in Egypt. A purchase agreement was signed on July 18, 2018 with Middle East Glass S.A.E. and Mohamed Hassan Samaha for the acquisition of 74 per cent of the shares of Medco Plast for Packing and Packaging Systems (Medco).
The value of the above acquisition, calculated in accordance with the regulations of the capital market supervisory board and the stock exchange of Thailand, as prescribed by the regulations of the stock exchange of Thailand, is less than 15 per cent and the total size of all transactions in the past 6 months also does not exceed the 15 per cent threshold limits as prescribed in the regulations. This transaction is expected to be completed within Q3, 2018, subject to regulatory approvals.
Indorama Ventures Public Company Limited a global petrochemical producer. Medco is the largest PET convertor in Egypt with market share of approximately 25 per cent with a production capacity of 70,000 Mts. per annum of PET preforms. (GK)
Fibre2Fashion News Desk – India