Bangkok--3 May--The Siam Commercial Bank
The Siam Commercial Bank Public Company Limited has reported results of the tender offer to purchase the securities of Siam Panich Leasing Public Company Limited (SPL) to the Securities and Exchange Commission. At the end of tender offer period, 119,569,291 shares were tendered by the shareholders. As a result, after this tender offer, SCB holds 198,886,402 shares in SPL, representing 92.51 of the company’s total paid up shares.
Dr. Vichit Suraphongchai, Chairman of the Executive Committee, said "We are very pleased that this tender offer was highly successful. From now on, SCB will use SPL as the vehicle to aggressively expand into the auto hire purchase business through the bank’s superior branch network and the retail client base that have been firmly established over the past 2 years. We aim to become the market leader in this business."
Khunying Jada Wattanasiritham, President and CEO, also said that "The auto hire purchase business is crucial for SCB’s mission. Due to the success of this tender offer, SCB will be able to provide quality auto hire purchase service to its clients, especially retail clients." After this tender offer, The total asset of SCB group on the consolidated balance sheet basis will increase by around Baht 43,000 million. SCB group is the 3rd largest financial group in the country in term of total asset size.
For this acquisition of 119,569,291 SPL shares, SCB will invest approximately Baht 4,543.6 million based on the offer price of Baht 38 per share. SCB will make payment to the Offerees on May 4, 2006 (the 3rd business day after the last day of the tender offer period) by cheque. The procedure for receiving the cheque will follow the procedure that has been indicated by each Offeree in the tender offer acceptance form.
This year, SPL celebrates its 30th anniversary. SPL operates in 3 main businesses including auto hire purchase, leasing, and factoring. The auto hire purchase is its key business, accounting for approximately 95% of SPL’s total receivable.