Thainox Stainless Pcl said that South Korea's POSCO had acquired shares held by the company's president Mr Prayudh Mahagitsiri and his family, lifting its stake to 75% from 15% as part of a tender to buy the company.

As per report, POSCO's Mr Hyo Seok Song has been appointed as Thainox's new president to replace Mr Prayudh.

However, Mr Prayudh would continue to serve as a Thainox chairman. Mr Mahagitsiri and his family still own 10% of Thainox.

POSCO, the world's third largest steelmaker, started the tender offer for Thainox stakes on September 20th 2011 at THB 2.20 a share.

(Sourced from www.reuters.com)