Siam Pulp and Paper (SPP), a subsidiary of the Siam Cement Group, because the largest single shareholder in Phoenix Pulp and Paper Plc in November 2001, on completion of the 24 percent share acquisition. The purchase of Phoenix shares from Janpath Investments Holding Ltd., an affiliate of the Indian industrial conglomerate Ballarpur Group, had been approved by the boards of both SPP and Janpath, said Aviruth Wongbuddhapitak, vice-president of Siam Cement in charge of finance. The purchase involved 29.98 million shares or 24.98 percent, at THB 48 per share, for a total of THB 1.44 billion.
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