SSI troubles hit SCB, KTB
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The share prices of Siam Commercial Bank and Krungthai Bank dropped Monday following the reports that their major customer, Sahaviriya Steel Industries, will have to come under debt restructuring.
SSI owes a total of Bt50 billion to SCB, KTB and Tisco Bank: Bt22 billion belonging to SCB, Bt22 billion to KTB and Bt4.4 billion to Tisco. Of total, US$790 million Bt28 billion was extended to its subsidiary, SSI UK, which has suspended operations on September 18. SSI was the loan guarantor.
At 4.31pm, SCB share price was down by 2.08 per cent to Bt141 and KTB was down by 2.20 per cent to Bt17.80. Tisco Financial Group, the major shareholder of Tisco Bank, was unchanged at Bt36.75.
The SET index gained 0.15 per cent from Friday to 1,3912.40.
SSI asked for the suspension of its share trading today. On Friday, it closed at Bt0.10, down by 9 per cent from the previous day.
