Thailand's Ratanarak Group buys out Jardine Cycle's Siam City stake for $354 mln (updated)

Jardine Cycle & Carriage

19/08/2024 07:09

(Updates with further details and background)
       Aug 19 (Reuters) - The Ratanarak Group, which operates
Thailand's Siam City Cement  SCCC.BK , has raised its stake in
the cement maker by buying out Singapore-based Jardine Cycle &
Carriage's  JCYC.SI  25.54% stake for 12.18 billion baht
($353.97 million). 
    Siam City Cement said in a statement on Monday that its
controlling shareholder, Sunrise Equity, which is part of the
Ratanarak Group, has raised its shareholding in the firm to
71.88% 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.
    Sunrise and the Ratanarak Group already held a 46.35%
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  AYUD.BK , Eastern Star Real Estate
 ESTAR.BK  and others. 
    The family was led by Chuan Ratanarak, who also founded Bank
of Ayudhya  BAY.BK  and Siam City Cement. 
    
($1 = 34.4100 baht)



 (Reporting by Rishav Chatterjee in Bengaluru; Editing by
Mrigank Dhaniwala)
 ((Rishav.Chatterjee@thomsonreuters.com;))