Thainox rallies on shares sale to Posco

The stock share price climbed to its peak of Bt1.65 before sliding down to Bt1.58 apiece in the morning session, up 6.76 per cent from previous trading day.

Posco now holds a 15 per cent of Thainox while Mahagitsiri Group holds a combined stake of more than 50 per cent.

The Stock Exchange of Thailand (SET) permitted resumption of trading of Thainox shares from today morning trading session after being clarified from the company in regarded to shares selling of major shareholders to a new alliance and tender offer at Bt1.75-2.18 per share.

Meanwhile, Thainox clarified today that the major shareholders [Mahagitsiri Group] are in the process of negotiation on the terms and conditions of the share sale transaction, and until now they have reached no conclusion with respect thereto, including a final acquisition structure, share purchase price and expected timeframe for completion.