Thai Oil Public Company Limited (TOP) announced that the Board of Directors meeting of TOP Solvent Company Limited (TS), an Indirect subsidiary of Thaioil Solvent Company Limited (TOS), 100% owned by TOS and TS 100% owned by TOP, on April 26, 2021 resolved to approve TS to purchase the shares for investment in JSKEM Private Limited (JSKEM) up to 80% of total shares from the existing shareholders and 1 share in TOP Solvent India Chemtrade (TSI) which is a subsidiary of JSKEM from the existing shareholder for the amount up to 1,440,000 US Dollars, or approximately 45,360,000 Thai Baht.
TS and JSKEM’s shareholders have agreed to enter into the Share Purchase Agreement within May 2021 and expected to complete the share transfer within June 2021.
JSKEM Private Limited (JSKEM) is the distributor of solvent and chemical products in the Republic of Singapore. The existing shareholders and working team of JSKEM have long work experience with TS and their products also support and are consistent with TS’s products.
Furthermore, the above mentioned investment is the overseas expansion of solvent distributor business of TOP and subsidiaries which strengthens business structure and this investment is the company’s strategy which will address market demand and trends, and enhance the company’s competitiveness to achieve the company’s target in the strategic plan to expand and enhance value chain of products of TOP and subsidiaries (Value Chain Enhancement).