No takers for TPI Polene share auction, Thailand

No takers for TPI Polene share auction, Thailand
Published: 10 August 2005

No bids have been placed for 249 million shares in TPI Polene held by Thai Petrochemical Industry (TPI), a report in Krungthep Turakij said. 
 
According to its refinancing plan, TPI has to sell 249M TPI Polene shares in order to raise money to pay off its debts. The refinancing plan management team planned to hold an e-auction to sell the shares on 9 August but no one registered to place a bid. Earlier, six groups bought the terms of reference. Several large cement companies were reportedly interested in the sale. 
 
According to the refinancing plan, if TPI does not sell the shares by the deadline they will be transferred to TPI’s creditors and the creditors will write off $250m of TPI’s debt.