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

08-Mar-05
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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