Polyplex Corporation has decided not to participate in a tender offer for its majority stake in its Thai subsidiary, Polyplex (Thailand) Public Company Limited (PTL). The board of directors resolved independently to decline the offer regarding its 51% shareholding in PTL during a meeting held on July 01, 2026. This decision impacts the company's investment in PTL, where it holds a controlling interest.

Tender Offer Background

The tender offer was initiated by AGPH (Thailand) Ltd, the Offeror, which filed the offer with the Stock Exchange of Thailand and the Securities and Exchange Commission, Thailand. PTL received a copy of the tender offer on June 29, 2026. Prior to this, Polyplex Corporation had informed the exchanges on June 22, 2026, about the Offeror's intention to acquire all ordinary shares of PTL.

Key Entities Involved

The following table outlines the key entities and their respective roles in this transaction:

Board Meeting Details

The board meeting to deliberate on this matter commenced at 1800 hours IST and concluded at 1832 hours IST on July 01, 2026. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

AGPH (Thailand) Ltd has announced a tender offer to acquire all ordinary shares of Polyplex (Thailand) Public Company Limited (PTL), a step-down subsidiary of polyplex corporation , for THB 15 per share. The total offering amount for the transaction stands at THB 13.5 billion, covering 100% of the issued and outstanding ordinary shares of PTL. The announcement was submitted to the Securities and Exchange Commission and the Stock Exchange of Thailand on June 22, 2026.

The tender offer targets 900,000,000 ordinary shares, representing 100% of the total issued securities and total voting rights of PTL. No preferred shares, warrants, convertible debentures, or other securities are included in the offer. AGPH (Thailand) Ltd, the Tender Offeror, stated it currently holds no shares or convertible securities in PTL prior to this announcement.

AGPH (Thailand) Ltd is a wholly owned subsidiary of AGP Holdco Limited, Dubai UAE. AGP Holdco Limited currently holds 76,21,390 equity shares, constituting 24.28% of the share capital of Polyplex Corporation Limited. The offer is being prepared by Kiatnakin Phatra Securities Public Company Limited, with Trilegal and TTT & Partners Company Limited acting as legal advisors.

The official submission of the tender offer is expected to be made within June 29, 2026. This timeline is in accordance with Clause 13 of the Notification of Capital Market Supervisory Board No. TorJor. 12/2554, which requires submission within seven business days from the announcement date.

Tender Offer Details