Polyplex Corporation’s - wholly owned subsidiary - Polyplex (Asia), Singapore (PAPL) and step down subsidiary Polyplex Europa Polyester Film San ve Ticaret, Turkey (PE), in which company has 51% stake, have entered into a Share Purchase Agreement (SPA), to sell their respective stake, 100% in aggregate, in Polyplex Resins Sanayi Ve Ticaraet AS, Turkey (PR) to Indorama Netherlands BV, a wholly owned subsidiary of Indorama Ventures Public Company, Thailand (IVL).
The above divestment would enable the Polyplex Group to concentrate its resources and management attention towards its core business of plastic films. The transaction would be significantly cash accretive, reduce the leverage on the consolidated Balance Sheet and enable the Group to grow further.
PR is not a material subsidiary of the company. PR was setup in 2011 to invest in a Greenfield PET Bottle Grade Resin line in Corlu, Turkey. Above transaction is expected to be completed within first quarter of 2015, subject to receipt of necessary approvals and fulfillment of other conditions.
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