Styrenix Performance Materials has received approval from Board of Directors for acquisition of 100% shareholding by company (through a step-down subsidiary) of INEOS Styrolution (Thailand) (INEOS Thailand) from its existing shareholders, i.e. INEOS Styrolution Group GmbH. (INEOS Germany), INEOS Styrolution APAC Pte. and INEOS Styrolution Hong Kong Company, subject to completion of customary conditions precedent (Proposed Acquisition), in terms of a share sale and purchase agreement between the Company and INEOS Germany (SPA). Pursuant to the Board’s approval, the Company has executed the SPA with INEOS Germany on December 9, 2024.
Further, the company has also received approval for incorporation of a Step-Down Subsidiary in Thailand in which 99.99% shares will be held by Styrenix Performance Materials FZE, Dubai, a wholly owned subsidiary of the Company.
The board of directors at its meeting held on December 9, 2024 has approved the same.
Styrenix Performance Materials is the number one producer of Absolac (ABS) and Absolan (SAN) in India. ABS is a plastic resin produced from acrylonitrile, butadiene and styrene, used for manufacturing home appliances, automobiles, consumer durables and machinery.
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