Thai Nam Plastic Public Company Limited (SET:TNPC) agreed to acquire an additional 49.99% stake in Thai Nam-Kyowa Co. Ltd. from Kyowa Leather Cloth Co., Ltd. (TSE:3553) for THB 22.6 million on March 24, 2016. Thai Nam Plastic will acquire 1.99 million shares of Thai Nam-Kyowa Co at the price of THB 11.3 per share.

The purchase price will be funded from Thai Nam Plastic's working capital and short term loan from finance institute. Thai Nam-Kyowa had total assets of THB 91.27 million and total common equity of 46.55 million for the year ending December 31, 2015. The Board of Directors of Thai Nam Plastic approved the transaction and is expected to complete on April 30, 2016.