- Published on Tuesday, 23 October 2012 08:37
- Written by Staff Reporter
THAILAND/JAPAN – Oji Holdings Corporation has acquired full ownership of a Thai folding box and corrugated carton box converter, as well as increased its share in another domestic competitor.
Earlier this month, Oji executed a share sale and purchase agreement with a shareholder holding 100% of all issued shares of Box Asia Group International Co Ltd, a manufacturer of folding box and high grade corrugated carton box in Thailand.
Oji also acquired 27% of all issued shares of S.Pack & Print Public Company Limited, which manufactures folding box and high grade and general corrugated carton box.
In addition to the 23.33% purchased earlier in March 2011, Oji now has more than 50% share of S.Pack, and it will execute a Tender Offer in accordance to The Securities and Exchange Act in Thailand.
For the Japanese paper giant, the acquisitions and significant synergies of both companies will help Oji enhance its presence in the holding box and corrugated carton market in Thailand.
“In addition, they would collaborate with our group companies in other Southeast Asian countries to increase the business in this region because S.PACK and Box are respectively located in southern and eastern Thailand,” Oji said in a statement.
Established in February 1996, Box is located in Rayong, eastern Thailand and in 2011 achieved total sales of BHT 297 million (US$9.66 million). S.Pack, based in Hatyai, southern Thailand, and Bangkok, hit BHT 1.101 billion (US$35.83 million) in sales last year.