THAILAND – Rengo Co Ltd has acquired a 25% share in domestic holding company TC Flexible Packaging Co Ltd (TCFP), indirectly giving it a stake in Prepack Thailand Co Ltd, a major flexible packaging converter.
Rengo made a direct purchase of a 20% share in TCFP, while its wholly owned subsidiary Howa Sangyo Co Ltd acquired the other 5%.
Including the indirect holdings through Thai Containers Group - Rengo's joint venture with SCG Paper - Rengo’s interest in TCFP is now a total of 47.5%. This latest move gives Rengo an increased say in the business of Prepack, which TCFP in May 2014 acquired a 22% stake in and subsequently further increased its share to 72% - making Prepack a subsidiary of TCFP.
For the full story, subscribe to Packaging Business Insight Asia here.