Its controlling shareholder, Sunrise Equity, which is part of the Ratanarak Group made an offer for 76.1 million shares in Siam City for 160 baht apiece
The Ratanarak Group, which operates Thailand’s Siam City Cement, has raised its stake in the cement maker by buying out Singapore-based Jardine Cycle & Carriage’s 25.54 per cent stake for US$353.97 million.
Siam City Cement said in a statement on Monday (Aug 19) that its controlling shareholder, Sunrise Equity, which is part of the Ratanarak Group, has raised its shareholding in the firm to 71.88 per cent after executing the deal.
Under the deal, Sunrise Equity had made an offer for 76.1 million shares in Siam City for 160 baht apiece, valuing the cement manufacturer at 47.68 billion baht (S$1.81 billion).
Sunrise and the Ratanarak Group already held a 46.35 per cent shareholding in Siam City.
The Ratanarak family is a Chinese-Thai business family which has substantive holdings in numerous Thailand based firms like Allianz Ayudhya Capital, Eastern Star Real Estate and others.
The family was led by Chuan Ratanarak, who also founded Bank of Ayudhya and Siam City Cement. REUTERS
