SCG sells Italy equity stake

SCG sells Italy equity stake

SET-listed Siam Cement Group (SCG) has sold its equity stake in joint venture Maker Manifatture Ceramiche, according to president and chief executive Roongrote Rangsiyopash.

He said the board of directors approved the sale of the 33% stake in the Italy-based joint venture of ceramics maker Florim Ceramiche and SCG's building materials unit.

"This transaction is valued at 440 million baht," Mr Roongrote said in a release.

The move is in line with the company's strategy to focus investment on Asean, where economies are growing.

The decision also comes as the industrial conglomerate adjusts its portfolio to fit the changing global situation.

With the global and domestic economies expected to remain poor, SCG expects to see flat growth on its full-year 2016 revenue of 460 billion baht.

In the first half of the year, the company posted a 2% drop in revenue of 218 billion baht.

The decline was largely a result of lower chemical prices, which have cut into revenue from the chemical business.

The company, however, posted an 18% rise in net profit to 29 billion baht in the first half, as increasing profit margins from the petrochemical business have lent support to overall profits.

SCG plans an investment budget of 50 billion baht for the year, including mergers and acquisitions.

Shares of Siam Cement Plc (SCC) closed yesterday on the Stock Exchange of Thailand at 518 baht, up four baht, in trade worth 663.7 million baht.

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