Styrenix Performance Materials Ltd to acquire 100% in Thailand entity, declares interim dividend of Rs. 31

The Board of directors of Styrenix Performance Materials Limited has approved the proposed acquisition by the Company (through a step down subsidiary) of 100% shareholding of INEOS Styrolution (Thailand) Co., Limited ("INEOS Thailand") from its existing shareholders, i.e. INEOS Styrolution Group GmbH. ("INEOS Germany"), INEOS Styrolution APAC Pte. Limited and INEOS Styrolution Hong Kong Company Limited, 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 today i.e. on December 9, 2024.

The Board has also approved 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 has declared Interim Dividend for F.Y. 2024-25 of Rs. 31 (i.e. 310 %) per equity share of Rs. 10 each.

Shares of Styrenix Performance Materials Limited was last trading in BSE at Rs. 2719.45 as compared to the previous close of Rs. 2518.50. The total number of shares traded during the day was 13123 in over 2264 trades.

The stock hit an intraday high of Rs. 2730.50 and intraday low of 2507.65. The net turnover during the day was Rs. 34947095.00.

Source : Equity Bulls

Keywords

StyrenixPerformanceMaterials INE189B01011 Acquisition Thailand InterimDividend