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Article: TPI Polene auction draws only one bid: Offered price B11.50 below market level.
- Article from:
- Bangkok Post (Bangkok, Thailand)
- Article date:
- September 23, 2005
CopyrightCOPYRIGHT 2005 Bangkok Post. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sep. 23--Only one bid was accepted yesterday in the auction of a 249-million-share block of TPI Polene, made by a Thai construction company offering just 17 baht per share.
The low bid, at 11.50 baht below current market prices, adds a new complication to the $2.7-billion debt-restructuring saga of Thai Petrochemical Industry.
TPI plan administrators are selling the company's 30.8 percent stake in its cement subsidiary to raise $250 million to repay creditors. Yesterday was the second attempt, after an electronic auction last month failed to attract bidders.
Siri Jirapongphan, a member of the TPI planning team, said only two sealed bids were ...
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