Siam Cement receives approval to set up IPO for packaging unit

The Securities and Exchange Commission of Thailand has given Siam Cement PCL approval to go ahead with its plans for an initial public offer of its packaging unit.

SCG Packaging Public Co along with its financial advisor is assessing the current situation, including that of the equity capital markets, and confidence level of both Thai and international investors, said Siam Cement.

"Once the overall situation becomes clearer and more conducive, SCGP will proceed with its IPO and the listing of its shares on the SET (Stock Exchange of Thailand)," the company said.

Last year, Siam Cement had said that it planned to sell up to 30 per cent of SCG Packaging's shares through an IPO.