PTT Global Chemical Public Company Limited (SET: PTTGC) has announced that, on June 20, 2022, the Board of Directors of PTTGC International (Netherlands) B.V. (GC Inter B.V.), a wholly owned subsidiary of PTTGC, approved to purchase an additional 9.18% of the ordinary share of Vencorex Holding (Vencorex) from Perstorp Holding AB.
After the transaction is completed, GC Inter B.V. will hold 100% in Vencorex, increased from 90.82%. The share purchase agreement and share payment process have been completed on June 30, 2022.
Vencorex is an owner of technology and a major manufacturer of isocyanates particularly in HDI and HDI Derivatives which are major feedstocks in the manufacturing of PU with its main characteristics for the usage of foams and coatings in automotive and construction industry. Currently, Vencorex has operation bases in 3 countries including France, the United States of America, and Thailand with a worldwide customer base. This transaction is in line with the Company’s strategy and long-term growth target to increase profit contribution from the High Value Business.