Pricing of TPI Polene shares expected in July

Pricing of TPI Polene shares expected in July
Published: 16 June 2005

Pricing for the 249-million-share private placement of TPI Polene is expected to be finalised by next month, according to Kim Eng Securities, the financial adviser for the offering, the Bangkok Post reports.   Sittichai Mahaguna, an executive vice-president at Kim Eng, said the company was now preparing information for potential bidders on the stake.  Thai Petrochemical Industry plans to auction its 49 per cent holdings in TPI Polene, the country’s third largest cement producer, to raise up to $250 million for debt repayments under its restructuring plan.   Prospective bidders include the second-ranked local producer Siam City Cement, and the Mexican cement giant Cemex, which had previously made an unsuccessful attempt to buy into TPIPL.  
 
"We have received the restructuring plans from the TPI board and have begun contacts with possible local and foreign investors," Mr. Sittichai said. "The opportunities are wide open for anyone who thinks they can contribute to the business. We hope to finalise a short-list soon."  He said share pricing would be based on fair value and cash flows for TPIPL, not current market prices.