Holcim has sold its remaining 27.5% stake in Thailand’s Siam City Cement Company Ltd (SCCC) via a private placement in capital markets. A member of Hong Kong-based conglomerate, Jardine Matheson Group, has purchased 24.9% of Holcim’s share in SCCC. The other 2.6% has been acquired by a number of institutional investors.
The sale of the shareholding will bring Holcim around CHF655 million, resulting in a gain before taxes of some CHF365 million. The construction materials producer has said that this will be used for ‘general corporate purposes’.
SCCC employs over 4000 people and has the capacity to produce 14.5 million t at its Saraburi cement plant.
Lafarge has announced that it will acquire the remaining 45% stake in its Chinese JV, Lafarge Shui On Cement, subject to the completion of its merger with Holcim.
Despite a slower second quarter, Thailand’s second largest cement company saw a 10% increase in sales in the first half leading to net profit of THB3.38 billion.
Siam Cement (Lampang) and three Siam City Cement plants have achieved Green Industry Level 5: Green Network status, marking them as actively achieving and promoting environmentally friendly practices.