The Japanese paper business Oji Holdings Corporation has taken over the SET-listed packaging maker S. Pack & Print after it acquired most of the shares from the Chinsupakul family.
Oji Holdings, formerly known as Oji Paper Co, acquired the shares from Yuth Chinsupakul, the founder of S. Pack, his family and other shareholders. They sold 81 million shares or 27% of the total at a price of four baht per share, or 342 million baht.
Oji's ownership in S. Pack will increase to 151 million shares or 50.33% of its total paid up capital of 300 million baht, requiring a tender offer by the new major shareholder to the public. Oji will offer details of its tender offer later, according to its statement to the Stock Exchange of Thailand.
Oji also informed the public it has no plan to make significant changes to the business of the S. Pack.
Mr Yuth resigned as the company's chairman of the executive committee, while Yod Chinsupakul and Dan Chinsupakul resigned as directors of the board yesterday.
S. Pack's board of directors approved the appointment of Shigeto Sano, Kenichi Kamimoto, and Jun Tomita as the new directors and appointed Masafumi Takeda as the chairman of the board and of the executive committee, effective yesterday.
Mr Yuth said he will focus on Eastern Printing (Epco), another business in his group. Epco has been shifting gears to solar farms recently.
"I understand Oji doesn't plan to change anything in S. Pack. It plans to seek a delisting for S. Pack from the SET after the tender offer is done," he said.
S. Pack posted revenue of 1.12 billion baht last year and net profit of 73.73 million. For the first quarter this year it reported 689.94 and 56.21 million baht, respectively.
SPACK's shares yesterday closed at 3.96 baht, up two satang, in trade worth 331.01 million baht.