SCB has received approval on its plan to acquire SICCO's business by making a tender offer to purchase all securities of SICCO and the latter's delisting from the Stock Exchange of Thailand.
Siam Commercial Bank had planned to divest its investment in The Siam Industrial Credit Public Company Limited of 230,883,188 shares, representing 38.65% , in order to comply with the One Presence Policy of the Bank of Thailand.
Through this, the Bank should be able to start making a tender offer to purchase all SICCO's securities in general after obtaining approvals from the relevant governmental authorities, and it is expected that such tender offer would commence within August 2011, and complete by October 2011. Thereafter, the Bank will proceed with the delisting of SICCO’s securities from the SET, then dissolving SICCO and returning SICCO’s finance business license to the governmental authority. The Bank would like to notify that the Bank will determine measures and alternatives to protect SICCO’s depositors against damages, and will use its best endeavor to take care of SICCO’s employees and persons having business relationships with SICCO
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