BAT-3K set to be delisted
Hitachi Chemical Co plans to delist its new subsidiary, Thai Storage Battery (BAT-3K), from the Stock Exchange of Thailand (SET) after two Japanese companies acquired a majority stake in BAT-3K.
BAT-3K’s newly appointed chief executive, Toshinori Osumi, said Hitachi Chemical and Siam Magi Co are together the major shareholders, with a combined holding of 86.9%.
“In the future BAT-3K will be delisted, but it will not happen until we have our annual general meeting for shareholders to approve the company’s business plan,” he said.
“Moreover, we plan to change our financial year from the normal calendar year to the Japanese one, which starts in April and ends in March.”
In late July, BAT-3K submitted a filing to the SET to inform that Siam Magi, a subsidiary of Hitachi Chemical, had purchased 8.78 million shares of the company at a price of 275 baht each from the Korphaibool family.
That gave Hitachi Chemical a 43.9% stake via Siam Magi in a deal worth 2.41 billion before Siam Magi launched a tender offer for the remaining shares to comply with the securities’ regulations in August.
Hitachi Chemical and Siam Magi hold 35.9% and 51%, respectively, in BAT-3K.
Mr Osumi said the Japan-based parent firm has an aggressive business strategy because Hitachi Chemical also runs an automotive battery plant in Chachoengsao, which has an annual capacity of 1.2 million units.
BAT-3K operates a manufacturing plant at Bangpoo Industrial Estate in Samut Prakan, making up to 6 million batteries a year.
“The parent firm can collaborate on technology transfers with BAT-3K in the long run as well as Japanese battery brands to be more competitive in the Thai market,” he said.
Mr Osumi said 55% of BAT-3K revenue came from overseas markets and the company aims to raise that proportion to reach 70% over the next few years.
BAT-3K shares closed yesterday on the SET at 252 baht, up two baht, in trade worth 50,600 baht.