Crown Property cuts SCB stake

Crown Property cuts SCB stake

Crown Property Bureau's shareholding in Siam Commercial Bank (SCB), Thailand's third-largest bank by assets, has declined by 3.33%, according to a filing with the Securities and Exchange Commission.

The bureau said it still held 18.1% after the transaction, which took place on Oct 2, but did not provide further details.

Based on the latest share price, the 3.33% stake had a value of 16.9 billion baht, according to data compiled by Reuters.

SCB shares briefly fell yesterday to a trough of 149.50 baht, down 2.50, before recovering some of the early losses to close on the Stock Exchange of Thailand at 151 baht, down one baht, in trade worth 2 billion baht.

SCB had total assets of 3 trillion baht at the end of June. Its market capitalisation amounted to 516 billion baht as of Thursday.

The bank said its second-quarter net profit fell by 7% year-on-year to 11.9 billion baht, but first-half net profit rose to 23.8 billion from 23.4 billion a year earlier.

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