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Thai Particle Board Maker Scraps Plans to Launch New Public Offering.
Byline: Nuntawun Polkuamdee
Jul. 8--The Vanachai Group (VNG), the largest panel and particle board maker in the region, has scrapped plans to launch a new public offering or acquire any other companies.
The company yesterday reported to the Stock Exchange of Thailand that it was scrapping plans to acquire an unnamed wood-based panel company. Previously announced plans to issue 85 million new shares with 28.33 million warrants were also scrapped.
Wanthana Jaroennavarat, deputy managing director, said the company had recently arranged a seven-year, 1.45-billion-baht loan from Kasikornbank, Bangkok Bank and the Industrial Finance Corp of Thailand to finance business expansion.
Interest is fixed at 4 percent for the first two years for the loans, then changing to floating rates at one percentage point under prime rates for the remaining duration.
The company expects to complete a new medium-density fibre board plant by 2005, doubling its MDF capacity.
Revenues, projected at 4.2 billion baht this year, were expected to rise to six billion in 2004 and 10 billion in 2005, once the new plant comes online.
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