Bangkok--21 Mar--Siam Commercial Bank
Over the past few years, in compliance with regulatory requirements, The Siam Commercial Bank Public Company Limited (SCB) has attempted to divest its 38.65% shareholding in The Siam Industrial Credit Company Limited (SICCO). Most recently, this was through the arrangement to sell its share to The Thai Credit Retail Bank Public Company Limited. These efforts have, so far, failed to lead to a satisfactory conclusion. In part, this has been due to intensified competition in business market in which SICCO has traditionally operated. In part, this is because of the likely regulatory conditions that any buyer may encounter, other than a Thai Financial Institution that already possess a license.
In these less than ideal divestment scenarios, SCB believes that it is in the best interest of all the shareholders of SICCO, if it divests its shareholding in SICCO through a public auction of its share. Through this process, SCB will ensure that it openly canvasses a broad range of buyer as is possible in the shortest possible time frame and with a transparent process. The potential investors will be required to demonstrate their credentials to acquire a substantial stake in SICCO and, on success, to follow through with a tender offer to the other shareholders.
At a later date, the Bank will communicate the detailed procedures for the public auction to interested bidders. The aim of the process will be to respect the rights of all shareholders through achieving the highest possible price for all shareholders and a successful outcome.