Bangkok--23 Sep--Siam Commercial Bank
Further to the tender offer made by Siam Commercial Bank (the “Bank”) to purchase all securities of The Siam Industrial Credit Public Company Limited (“SICCO”) during 21 July — 22 September 2011, there were shareholders offering 363,857,542 shares in SICCO, representing approximately 60.90% of its total issued and outstanding shares, for sale to the Bank. Thus, combined with the Bank's current holding of 230,883,188 shares in SICCO, representing approximately 38.65% of its total issued and outstanding shares, the Bank has an aggregate holding of 594,740,730 shares in SICCO, representing approximately 99.55% of its total issued and outstanding shares.
As a result of the Bank’s holding shares in SICCO exceeding 50% of the total voting rights of SICCO, the Bank would be required to make a mandatory tender offer to purchase all securities of SICCO Securities Public Company Limited (“SSEC”), a SICCO’s subsidiary (whereby SICCO holds SSEC shares of approximately 70.06% of the total issued and outstanding shares) since it was deemed that the Bank had acquired SSEC shares under the chain principle rule. Consequently, the Bank has then filed with the Office of the Securities and Exchange Commission (SEC) today a letter of intention to make a tender offer to purchase all securities of SSEC. It is expected that the Bank will be able to submit the tender offer in this regard to the Office of the SEC by 27 September 2011. The preliminary tender offer period will be 25 working days, starting from 28 September till 2 November 2011.
The Bank will make the disclosures with regard to the aforesaid proceedings to the public pursuant to the relevant rules and regulations accordingly.