28 Mar 17
Transaction successfully concluded between
Oryx Stainless and PGI
Oryx Stainless Holding and minority shareholder PGI has entered into an agreement (SPA) concerning a purchase of 30.0% of the shares in their joint venture Oryx Stainless PGI Co., Ltd., Bangkok/Thailand.
The two companies agreed, that Oryx Stainless will acquire all the shares held by PGI becoming the sole owner of Oryx Stainless PGI. The closing of the transaction is expected to take place by end of May. Apart from this transaction, Oryx Stainless and PGI will continue their trustful business relationships that built over the last decade.
Tobias Kämmer, CEO of Oryx Stainless Holding said: “We have been successfully invested in Oryx Stainless PGI Co., Ltd. for the last years and have greatly enjoyed working with our partner PGI and the management team to develop the company under our joint stewardship. Since the formation Oryx Stainless PGI has been transformed from a start-up company into one of the market leaders in Asia. The business is now well-positioned to maximise its potential and to continue to pursue its growth strategy.”
Marthijn Smit, CEO of Oryx Stainless PGI, commented: “We'd like to thank PGI for their support. Oryx Stainless and PGI have actively accompanied the development of our business and played a key role in the success and growth of our company during this time. We look forward to building on this progress and securing a market-leading position under the 100% ownership of Oryx Stainless.”