Thai carpet maker to acquire Hong Kong firm

Thailand Carpet Manufacturing plans to spend THB3.14bn (US$95,000) to acquire a commercial carpet business from Tai Ping Carpets International, a company listed on the Hong Kong stock market. The deal was due to be finalised on 29 September.

The Thai company has also changed its name to TCM Corporation and broadened its business to industries such as automotive and furniture.

TCM chairman Pimol Srivikorn said funding for the deal will come from Bangkok Bank through the issuance of debentures and warrants.

The commercial carpet business TCM is acquiring from Tai Ping consists of Axminster and hand-woven rugs for sale to major projects, such as hotels, casinos, convention centres, auditoriums and cruise liners, as well as carpet tiles for corporate offices; the acquisition excludes luxury carpets.

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