Thai Plaspac Public Company Limited completed the acquisition of remaining 20% stake in TPAC Packaging India Private Limited from Kanhaiyalal Mundhra and Hitesh Kumar Mundhra.
October 21, 2020
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Thai Plaspac Public Company Limited (SET:TPAC) agreed to acquire remaining 20% stake in TPAC Packaging India Private Limited from Kanhaiyalal Mundhra and Hitesh Kumar Mundhra for INR 1.1 billion on September 22, 2020. Thai Plaspac Public Company Limited will acquire 42.15 million shares. Thai Plaspac Public Company Limited will acquire 28.84 million shares (13.68%) and 13.31 million shares (6.32%) stake from Kanhaiyalal Mundhra and Hitesh Kumar Mundhra respectively. Post completion, Thai Plaspac Public Company Limited will hold 100% stake of TPAC Packaging India Private Limited. The agreement can be terminated upon mutual agreement between the parties without any obligation. To finance the Transaction, the Company may use its working capital and/or obtain a loan from financial institutions in Thailand. As of June 30, 2020, TPAC Packaging India Private Limited has reported total assets of INR 6.2 billion and total common equity of INR 4.4 billion.
The transaction is subject to obtaining approval from the Board of Directors of Thai Plaspac Public Company Limited and no injunction, restraining order or other order or any other legal or regulatory restraint or prohibition by any governmental authority which prevents the consummation of the transaction. The Board of Directors of Thai Plaspac Public Company Limited has unanimously resolved to approve the transaction. After all of the conditions precedent under the agreement are fully satisfied or otherwise waived by the relevant parties. The signing of formal agreement is expected on or before September 30, 2020. The completion of the Transaction is expected to take place within October 31, 2020.
Thai Plaspac Public Company Limited (SET:TPAC) completed the acquisition of remaining 20% stake in TPAC Packaging India Private Limited from Kanhaiyalal Mundhra and Hitesh Kumar Mundhra on October 22, 2020. With the acquisition, Thai Plaspac Public Company Limited now holds 100% stake in TPAC Packaging India Private Limited. Shrinath Kasi, the Chief executive officer of India business is to be the Director of TPAC Packaging India Private Limited.
Thai Plaspac Public Company Limited is a Thailand-based company engaged in the manufacture and distribution of plastic packaging. The Company manufactures its products by employing injection molding, extrusion blow molding, and polyethylene terephthalate (PET) molding technologies. Its secondary processes include decoration, printing, and assembly. Its solutions cater across segments such as food, beverage, pharmaceuticals, personal and home care, and industrial tools. The Companyâs operations are carried on in two geographic areas in Thailand, which consists of the Company and TPAC Packaging (Bangna) Company Limited, and oversea countries which consists of India as operated by TPAC Packaging India Private Limited and TPAC Custom Solutions Private Limited, United Arab Emirate as operated by Sun Packaging Systems (FZC), and Malaysia as operated by Combi-Pack Sdn Bhd. Its subsidiaries include TPAC Packaging India Private Limited, Sun Packaging Systems (FZC) and Combi-Pack Sdn Bhd.
Thai Plaspac Public Company Limited completed the acquisition of remaining 20% stake in TPAC Packaging India Private Limited from Kanhaiyalal Mundhra and Hitesh Kumar Mundhra.
THAI PLASPAC 
