The Nation reported that Thailand's major steelmaker Thainox Stainless has begun to undertake reorganization of its management after South Korea's POSCO acquired 60% of its shares from its major shareholder, Mr Prayudh Mahagitsiri and his family members.

The transaction diluted the Mahagitsiri family's shareholding to 10% but Mr Prayudh remains company chairman.

Mr Prayudh said that the share sales to POSCO would benefit development of the country's steel industry as POSCO is a global giant with best practices and technology.

Its THB 17.5 billion investment for the 60% stake in Thainox would also benefit Thailand.

Thainox's board of directors passed a resolution appointing POSCO's Mr Song Hyo seok as MD & director. The board also appointed POSCO's Mr Han Yeong hwan as CFO.

POSCO had informed the Stock Exchange of Thailand about the tender offer plan at THB 2.20 per share. The tender offer period is from September 19th 2011 to October 25th 2011.

(Sourced from www.nationmultimedia.com)