Box Asia Group

Aug 2, 2018

Image from the company's website. August 2, 2018 Thai Nippon Rubber Industry Pcl, a manufacturer and distributor of condoms and lubricants, has got the green light from the Board of Directors to acquire Box Asia Group International Co , a Thai paper boxes manufacturer, with total investment of not exceeding 40 million baht ($1.2 million). It reported to the Stock Exchange of Thailand on Wednesday night that it would purchase 1.691 million ordinary shares, equivalent to 100 per cent, with a par value of 100 baht apiece from three existing shareholders, comprising OJI Paper (Thailand) Ltd, OJI Holdings Corporation and OJI Asia Packaging Sdn Bhd. Amorn Dararattanaroj, chief executive officer, told local media today that the acquisition would help the company reduce the container expenses for condoms as it previously outsourced the condom boxes from other companies. Once the acquisition is completed, he said it would shift the container production to Box Asia Group by starting from producing the containers for PLAYBOY condoms. “We consider this acquisition as a long-term investment. It not only cuts our packaging cost significantly but also allows us to utilize the space in Box Asia’s factories as a warehouse where its location is only 30 minutes driving far from our factory in Chonburi. It will help us manage the supply of containers and manage the warehouse more effectively,” he said. The transaction is expected to be completed within end of November, said the company. Also read: