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
