Vinythai prepares for VCM expansion, signs ethylene contract with Thai Olefins

Vinythai PCL, Belgian chemical conglomerate Solvay's Thai unit is preparing for expansion of its vinyl chloride monomer (VCM) facility, to 400,000 tpa by September 2006, from 200,000 tons currently. . Vinythai has signed a contract to continue to buy ethylene from Thai Olefins PCL and issue warrants. Vinythai is South East Asia's third-largest vinyl producer, and will buy 69,000 tpa of ethylene from Thai Olefins under a 15-year contract, starting from mid-2006. Vinythai will also issue 237 million warrants to Thai Olefins, to be converted into Vinythai's ordinary shares at the ratio of 1-for-1 at the conversion price of THB11.50 each. If Thai Olefins exercises all the warrants, it will hold a 20% stake in Vinythai. Thai Olefins currently supplies ethylene to Vinythai. Vinythai also owns 2.74% of Thai Olefins.
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