Siam Cement puts chemicals IPO on hold

Thailand-based Siam Cement has announced that it is postponing the initial public offering (IPO) of its SCG Chemicals business. According to Reuters News, the decision is due to unfavourable market conditions but the company plans to proceed with the IPO once conditions improve.

The IPO approval date has been extended until 4 October 2023 but cannot be extended any further after that date.

The company has reported a seven per cent YoY decline in its shares this year. Thailand has also recently appointed a new prime minister after months of political uncertainty under a caretaker administration.