Asahi Glass of Japan is reportedly seeking to acquire all remaining shares in Thai-Asahi Glass of Thailand before delisting the company from the Thai stock exchange.
The Japanese firm currently holds…
Asahi Glass of Japan is reportedly seeking to acquire all remaining shares in Thai-Asahi Glass of Thailand before delisting the company from the Thai stock exchange. The Japanese firm currently holds an 85.2% stake in Thai-Asahi. It previously increased its holding by acquiring the stakes of the two major shareholders, Sombath Phanichewa and Chaikiri Srifuengfung, who founded Thai-Asahi in 1964. The remaining 14.75% of shares are in the hands of minor shareholders, to whom Asahi is offering 20 baht a share, the same price paid to the Srifuengfung and Phanichewa groups. Phanichewa, who was company president, and Srifuengfung, who was managing director, resigned from Thai-Asahi in early November. Akio Takabe has taken over as president, with Osamu Yoshida as executive vice president. Asahi has also increased its holding in Bangkok Float Glass to 96.3% from 41.4%, and its share in Thai Safety Glass to 93.2% from 45% as part of a drive to make Thailand its major glass production centre in Asia.