As part of its growth strategy aimed at focusing investment on strengthening the group’s global leadership in plasterboard and building plasters, BPB announces that it intends to make cash tender offers for the remaining minority interests in its Thai and Indian subsidiary listed companies.

Thai Gypsum Products pcl (TGP) is one of the leading plasterboard companies in South East Asia, with a share of around 50% of the rapidly growing Thai domestic market and export sales supplied from a low-cost 36 million square metre plant on the eastern seaboard. The company recently announced plans for a 40 million square metre second line to be co-located at the Laem Chabang plant by the end of 2005.

Reported pre-tax profit for TGP in 2003/04 was Baht 477 million (£6.6 million), on turnover of Baht 2,051 million (£28.4 million). Net assets at 31 March 2004 were Baht 2,987 million (£41.4 million). The company’s closing mid-market share price on 19 May 2004 was Baht 4.46 and BPB’s offer of Baht 7.00 per share for the remaining 35% share interest in TGP values the minority at Baht 2,468 million (£34.2 million).

India Gypsum Limited (IGL) is India’s leading plasterboard and building plasters company, supplying the continent’s fast growing demand from two plants near Delhi and Chennai. To meet future sales volume growth, work has commenced near Mumbai on a new 11 million square metre plasterboard plant (to be co-located with a new 75,000 tonne plaster mill) which will nearly double BPB’s current capacity by the end of 2005 and greatly improve distribution logistics.

Reported pre-tax profit for IGL in 2003/04 was Rs 123.6 million (£1.5 million), on turnover of Rs 1.03 billion (£12.8 million). Net assets at 31 March 2004 were Rs 306.6 million (£3.8 million). The company’s closing mid-market share price on 21 May 2004 was Rs 78.5 and BPB has indicated that a tender price in the region of Rs 105 per share would be an attractive offer for the remaining 20% share interest in IGL, valuing the minority at Rs 315 million (£3.9 million).

Commenting on these transactions, Richard Cousins, BPB chief executive said:

“Our proposed buy-outs of the minority interests in Thailand and India will build on existing leadership positions and demonstrate our commitment to strengthening BPB’s global presence in growth markets for plasterboard and building plasters”.

• BPB is the world leader in the supply of plasterboard and gypsum plasters, and a major supplier of insulation, ceiling tiles and related products for interiors, serving growing markets for building systems in over 50 countries.


• The Company’s AGM will be held on 21 July 2004 and a trading update for 2004/05 will be published on 23 September 2004.


• The results of the tender offers for the Thai and Indian minorities will be announced later this summer.