Swiss firm sells entire remaining shareholding in Thai construction materials group
HOLCIM Ltd have sold their entire remaining shareholding of 27.5% in Siam City Cement (Public) Co. Ltd (SCCC) in Thailand, via a private placement in capital markets, for a total consideration of approximately CHF655 million (€626 million), which will result in a gain before taxes of approximately CHF365 million (€349 million).
Of the 27.5% stake, 24.9% were acquired by a member of the Jardine Matheson Group, a Hong-Kong-based conglomerate, while the remaining 2.6% were purchased by a number of high-quality institutional investors.
Holcim say the proceeds of the sale will be used for general corporate purposes. The transaction will close in accordance with standard SET (Stock Exchange of Thailand) settlement rules.
SCCC are one of Thailand’s leading construction materials groups with a cement production capacity of 14.5 million tonnes at their Saraburi plant. With more than 4,000 employees, the company recorded net sales of THB31.86 billion (c.€900 million) in 2014.