Bangkok--30 Sep--Bangkok Bank
Industrial and Commercial Bank of China Limited ("ICBC") and Bangkok Bank Public Company Limited (“BBL”) jointly announced that the two banks have reached an agreement on the sale and purchase of shares in ACL Bank Public Company Limited (“ACL”). At the same time, ICBC declared that it will make a tender offer to all shareholders of ACL. The transfer by BBL of its shares in ACL to ICBC under the agreement above will be completed as part of the said tender offer.
Under the agreement between ICBC and BBL, BBL will sell its entire 19.26% stake in ACL to ICBC at the price of 11.5 Baht per share. Meanwhile, ICBC will make a conditional tender offer to all shareholders of ACL for all outstanding ACL shares at the same price. The tender offer will become effective upon ICBC receiving acceptances in respect of 51 per cent or more of the outstanding ACL shares. Through the above transaction, ICBC may be able to acquire up to 100% shareholding of ACL.
"ICBC has always attached great importance to the Thai market. This transaction will be of great significance to ICBC in the expansion of its business and network in the Mekong River region and also the South East Asia region. ICBC will endeavour to contribute to the development of the Thailand economy and bilateral trade between China and Thailand," says Dr. Jiang Jianqing, Chairman of ICBC.
Mr. Chatri Sophonpanich, Chairman of BBL said, “We very much welcome this investment by ICBC in the Thailand market. BBL and ICBC have always maintained a good business relationship. Looking forward, the two banks will continue to develop a business partner relationship and together provide better quality financial services to clients in China and Thailand.”
The conditions precedent to the making of the voluntary tender offer by ICBC are ICBC’s shareholders approval and relevant approvals and waivers from the regulatory authorities in China and Thailand having been obtained.