SCB completes tender offer for Sicco
Siam Commercial Bank completes the tender offer for Siam Industrial Credit Plc's shares, as the latter's shareholders offer 363.86 million shares or 60.90 per cent of issued shares.
The tender offer ended on Sept 22.
Coupled with its holding in the finance company, SCB now holds 594.74 million shares or 99.55 per cent.
In a statement, the bank said that under the chain principle rule, this required it to make a mandatory tender offer to purchase all securities of Sicco Securities Plc, a subsidiary of Sicco. Sicco now owns approximately 70.06 per cent in the securities company.
The tender offer intention was filed today to the Office of the Securities and Exchange Commission (SEC). The tender offer should be submitted by Sept 27, tentatively to be launched during Sept 28 and Nov 2.
