Millcon expects takeover approval

Millcon Steel Industries' management is hopeful that the shareholders would approve the acquisition of Burapa Steel in the April meeting, the move which will allow the company to cash in on higher steel prices.

Sithichai Leeswadtrakul, managing director of Millcon, said at a press conferece yesterday that once shareholders approve the deal on April 11, Millcon will become a major player with combined capacity of 800,000 tonnes a year.

"The company can immediately push up the output and create new products to reflect rising demand," he said.

Millcon, with annual capacity of 500,000 tonnes, plans to acquire 65.86 million shares or 85.10 per cent of Burapa which has 300,000 tonnes of capacity.

According to Sittichai, if the shareholders approve the plan, the acquisition process should be completed in the second quarter and allow Millcon to realise additional revenue in the quarter.

- The Nation

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Millcon expects takeover approval

Millcon Steel Industries' management is hopeful that the shareholders would approve the acquisition of Burapa Steel in the April meeting, the move which will allow the company to cash in on higher steel prices.

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