Indorama plans delisting

       Indorama Polymers, the SET-listed PET resin maker will seek delisting once its Indian-based parent company, Indorama Ventures (IVL), has completed acquiring it through a share swap option.
       IVL will make an initial public offering of its new shares, make a tender offer for all shares of IRP held by other shareholders by swapping them with its new shares and subsequently delist IRP from the Stock Exchange of Thailand, according to the company's statement filed with the SET yesterday.
       Existing IRP shareholders will become IVL shareholders through the process.
       Under the restructuring plan, IVL share price is calculated by dividing the reference IRP share price of 14 baht per share by the swap ratio at one IRP share per 1.23 IVL shares.
       For the swap ratio, IVL will calculate the ratio by dividing the reference IRP share price of 14 baht per share by the IPO price with a 3% discount.
       The whole process should be finished by the end of October.
       IRP now has 1.38 million shares. IVL,its major shareholder with 69.29%, conducts business through petrochemicalmaking subsidiaries.
       The company's operations in 13 plants in five countries have increased significantly since 2003.
       IRP shareholders will meet on the restructuring plan on Oct 26, with the share register to attend fixed on Oct 5.
       Shares of IRP closed on the Stock Exchange of Thailand at 13.40 baht,up 90 satang, in trade worth 249.9 million baht.