The extraordinary general assembly of Takht-e-Jamshid Petrochemical, with 65.64% attendance of institutional and individual shareholders, was held this in September 14, at Eram Hotel.
Davood Radmehr, CEO of Takht-e-Jamshid Petrochemical, said in the justification report for the capital increase: The capital increases made since 2007 have been from shareholders’ claims and their cash contributions.
Referring to the 260-billion-toman capital increase, the CEO announced: The 50,000-ton butadiene project is to secure the company’s butadiene feedstock, because Jam Petrochemical’s need for butadiene for Padjam Polymer Company and the start-up of Sadaf Petrochemical have left no feedstock available for Takht-e-Jamshid. This project will be built on a 2.5-hectare plot next to the plant; its permits have been obtained and the final steps are underway.
Radmehr added: We have even received stock exchange approval for the capital increase. Of the 260 billion tomans, 30% will be provided as shareholders’ cash contributions and 70% will be financed through the banking network; later we will proceed with another capital increase.
He concluded: The project costs $59 million and its feasibility study (FS) forecasts 4400 billion tomans in costs, which will be financed through banks, shareholders and the company’s working capital.
