TPI cancels plan to sell TPIPL shares

TPI cancels plan to sell TPIPL shares
Published: 15 August 2005

TPI informed the Thai Stock Exchange that it had cancelled the plan to sell its 31 per cent stake in TPI Polene (TPIPL) via e-auction due to the lack of bidders for the shares. TPI’s Plan Administrator is now considering whether to sell or transfer the shares to creditors as repayment for the US$250m debt, as stipulated in the TPI Rehabilitation Plan. But the unattractive conditions attached i.e. Bt1bn deposit requirement, no due diligence can be done prior to the sale, no guarantee of management control after the sale, were cited as reasons for the lack of bidders for TPIPL shares.