August 29, 2008

Major shareholders of Padaeng sell stake

Padaeng Industry Public Company limited announced that it has received information that its two major shareholders, i.e. Umicore and Nyrstar, on April 4 sold their entire shareholding of 22% and 24.9% respectively in Padaeng Industry Pcl through Asia Plus Securities Pcl into the market.

As a consequence of this transaction, the directors representing the two previous major shareholders, and the Managing Director tendered their resignation on the same day of the sale.

Mr Paul Fowler CEO of Nyrstar said that ''Our decision to sell releases additional capital that can be better deployed elsewhere. Our minority interest in Padaeng meant we had limited influence over the company and due to Thai regulations, would not have been able to secure control.''