SET-listed Siam Cement (SCC) said on Thursday that SCG Decor Company Limited (SCG Decor)’s Board of Directors had resolved to approve the restructuring plan, paving the way for SCG Decor to issue and offer the new ordinary shares through an initial public offering and list the shares on the Stock Exchange of Thailand.
This initial public offering will be conducted concurrently with the tender offer of all shares of SCG Ceramics Public Company Limited (SET: COTTO) held by other shareholders at THB 2.40 per share (after the resolution of the shareholders of COTTO has approved the delisting of COTTO’s shares from the SET and the delisting of COTTO’s shares was approved from the SET).
COTTO’s shareholders who accept the tender offer will receive SCG Decor’s newly-issued ordinary shares (Share Swap) as the share consideration provided that there shall be no cash alternative.
On Wednesday, SCC stated that it will be reorganizing its subsidiary group, with SCG Decor serving as the group’s flagship company, in order to take on the production of floor tiles, wall tiles, and sanitary ware in Thailand and internationally.
