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.
Crown Cement earned a profit after tax of BDT1001m in FY24
Crown Cement PLC, in Bangladesh, recently released its annual report for FY23-24. During the las...