Siam Commercial Bank sells Siam Cement stake
Published by Joseph Green,
Editor
World Cement,
Siam Commercial Bank Pcl has announced that it has sold its stake in Siam Cement Pcl, amassing 4.46 billion baht (US$122.76 million) to assist in covering provisions for loans to struggling steel firm Sahaviriya Steel Industries.
Siam Commercial Bank's chief executive Arthid Nanthawithaya said the debt restructuring was expected to be completed in 1-2 weeks.
The Siam Cement stake sale is included in the 7-8 billion baht target. The shortfall will come from SCB's earnings.
The Siam Cement shares were sold to the Crown Property Bureau which is already a major shareholder in Thailand's biggest cement firm.
Edited from source by Joseph Green. Source: Reuters
Read the article online at: https://www.worldcement.com/asia-pacific-rim/25092015/siam-commercial-bank-sells-siam-cement-stake-664/
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