Siam Commercial Bank Pcl said on Thursday it sold its stake in Siam Cement Pcl to raise THB4.47bn (US$123.17m) funds to cover provisions for loans to struggling steel firm Sahayiriya Steel Industries.
The Siam Cement shares were sold to the Crown Property Bureau which is already a major shareholder in Thailand's biggest cement firm, the bank's chief executive Arthid Nanthawithaya told Reuters.
"We sold all our holding in Siam Cement to the Crown Property Bureau," he said.
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