Indorama Ventures Public Company Limited (SET: IVL) announced on Thursday via the Stock Exchange of Thailand (SET) that it has completed the acquisition of all of the shares of Ngoc Nghia Industry – Service – Trading Joint Stock Company (NN), an UPCoM (Unlisted Public Company Market) a registered entity on the Hanoi Stock Exchange (HNX).
Through its indirect affiliate, Indorama Ventures Netherlands B.V., IVL has acquired 79,788,504 shares or 97.8% in NN from the existing shareholders at the price of 26,219 Vietnam Dong per share, which is equivalent to the total payment of 2,091,974,786,376 Vietnam Dong, or approximately 3,096.12 Million Baht.
NN is a leading PET converter in Vietnam, with manufacturing presence in both the North and South of Vietnam and with the total capacity of approx. 5.5 billion units per annum (approx. 76,000 tons per annum of PET conversion). NN has experienced management team with the strong industry knowledge and long-standing relationships with major brands in beverage and non-beverage Industries.
This proposed acquisition is part of IVL’s strategy to further extend its market position in packaging business segment and expand its footprint in high growing markets (like Vietnam) in Asia and Africa.
Following the acquisition, IVL has taken charge of the plants effective from 21st April 2022.