Holcim Ltd today announces that it has sold its entire remaining shareholding of 27.5 per cent in Siam City Cement (Public) Company Ltd (SCCC) in Thailand via a private placement in capital markets. For the sale of its entire remaining stake, Holcim will receive a total consideration of approximately CHF655m (US$626m), which will result in a gain before taxes of approximately CHF365m (US$349m).

Of the 27.5 per cent, 24.9 percent were acquired by a member of the Jardine Matheson Group, a Hong-Kong-based conglomerate, while the remaining 2.6 per cent were purchased by a number of high quality institutional investors.

The proceeds of the sale will be used for general corporate purposes. The transaction will close as per standard SET (Stock Exchange of Thailand) settlement rules.

SCCC is a leading construction materials group which has a cement production capacity of 14.5Mta at its Saraburi plant.