Polyplex (Thailand) Public Company Limited

The securities calendar for 5 August 2026 indicates that PTL is in the process of a tender offer for 900 million shares at 15 baht per share, running from 30 June to 5 August. On the same day, several securities carry the XD sign, including BAREIT at an initial rate of 0.20 baht per unit, LENOVO13 at an initial rate of 0.0695568 baht per unit, PROSPECT at 0.0705 baht per share, and SCC at 3.50 baht per share. Additionally, PROSPECT also carries the XR sign at a ratio of 1 existing share to 0.3822 new shares, while TAIWANAI13, TAIWANHD13, and ZIJIN13 are scheduled to pay dividends on the same day.

The independent financial advisor of Polyplex Thailand, or PTL, recommends that shareholders reject the tender offer for all securities from AGPH Thailand at 15.00 baht per share, as it is below the fair value assessed by the discounted cash flow method, which ranges from 21.71 to 23.56 baht per share. This represents a discount of 6.71 to 8.56 baht, or 30.91 to 36.33 percent below fair value. The board of directors, excluding interested directors, unanimously resolved to reject this offer. The major shareholder, Polyplex Corporation Ltd. of India, which holds a combined 51.00 percent stake, has stated it will not sell its shares in this tender offer. The IFA noted that although PTL faces overcapacity in the thin PET film market and the impact of trade measures, the company is the world's second-largest thin BOPET film producer outside China and has growth potential from high-margin products, along with a solid financial structure.