Holcim sells stake in Siam Cement

Holcim has sold its 27.5% stake in Thailand’s Siam City Cement (Public) Company Limited (SCCC). The private placement in the market was for CHF 655 million (US$ 631 million). Holcim said it would make a gain before taxes of some CHF 365 million (US$ 352 million) on the deal and would use the proceeds for general corporate purposes.

Of the 27.5% holding, 24.9% of SCCC was acquired by a member of the Jardine Matheson Group, a Hong-Kong-based conglomerate. The remaining 2.6% was purchased by institutional investors.

SCCC has a cement production capacity of 14.5 million tonnes from its plant in Saraburi. Thailand. It employs 4,000 staff and recorded sales of THB 31.9 billion (US$ 980 million) in 2014.