Indorama Ventures (Bangkok / Thailand; www.indorama.net) plans to issue new shares worth USD 350m, according to Asian sources. The company owns 69.3% of Indorama Polymers (IRP, Bangkok / Thailand; www.indoramapolymers.com), the world's second largest PET manufacturer, and is also a major player in PTA feedstock and polyester fibres. Reports say the initial public offering (IPO) on Thailand's stock exchange will take place this month.
The financial manoeuvring could pave the way for additional acquisitions by the group. In December 2009, IRP announced that it was "actively looking for acquisitions in Europe.