Indorama Ventures Public Company Limited (SET: IVL) has informed the Stock Exchange of Thailand that Indorama Ventures Recycling Netherlands B.V. (IVRBV), an indirect subsidiary of the Company and the sole shareholder of Wellman International Limited (Wellman), Ireland, passed a shareholders’ resolution on May 30, 2025 to approve Wellman’s entry into examinership proceedings pursuant to Part 10 of the Companies Act 2014 of Ireland (as amended).
As part of the examinership process in Ireland, the Court-appointed examiner initiated an investment process for Wellman. UG World Limited, a company incorporated in England and Wales, and an unrelated third party not being a connected person, has agreed to invest in Wellman. In connection with this investment, all existing shares of Wellman held by IVRBV have been cancelled and new shares in Wellman have been issued to UG World Limited. No consideration was received by IVRBV; UG World Limited has assumed responsibility for Wellman’s future obligations.
The transaction has no material impact on the company’s operations or financial position, as the investment in Wellman was impaired in the financials for the year 2024.
Wellman was acquired by the company in 2011. The divestment is part of the company’s strategy to streamline its operations, enhance competitiveness of its global manufacturing footprint, and reduce financial leverage.
The transaction was completed on 29 September 2025, resulting in Wellman ceasing to be an indirect subsidiary of the company.
