Thai Indorama Polymers' parent firm plans IPO

BANGKOK, Oct 27 (Reuters) - Indorama Polymers PCL IRP.BK (IRP), Thailand's largest polyethylene terephthalate polymers maker, said on Tuesday its parent firm planned to launch an initial public offering (IPO) by the first quarter of 2010.

At a meeting on Tuesday, IRP's shareholders backed a previously announced plan for the parent firm, Indorama Ventures Ltd (IVL), to make a tender offer for all the shares in IRP it does not already own.

"I'm very glad that the retail shareholders approved the moves by IVL to swap the shares and then list IVL on the market," Chief Executive Aloke Lohia said in a company statement.

IVL will offer 1.232 of its own shares for each IRP share, the statement said.

IVL, about 95 percent owned by the Lohia family, holds 42.8 percent in IRP.

The PET resin maker would put the plan to the stock regulator and stock exchange and expected to start the tender process at the end of December, the statement said.

IRP told the exchange last month that its board had approved a plan to delist its shares as part of the group's restructuring plan.

IRP shares, which edged up 5 percent earlier in the day to their highest in a month, closed up 0.8 percent at 12 baht, while the main index .SETI was 0.4 percent higher. ($1=33.42 Baht) (Reporting by Viparat Jantraprap and Ploy Ten Kate; Editing by Alan Raybould)