Siam Commercial Bank has decided to continue using its loss-making Robinhood delivery and bookings app, reversing its previous announcement it would be shut down after close of business on Wednesday.
SCB X informed the Stock Exchange of Thailand on Tuesday of its decision to postpone the plan to shut down Robinhood while it considers takeover offers for the commission-free app from other companies.
SCB X said there was more interest from other companies interested in acquiring Robinhood than it had expected.
The decision was made by the board on Monday.
Robinhood is run by Purple Ventures, a subsidiary of SCB X. It offers on-demand food delivery, hotel bookings and other services.
Purple Ventures reported revenue of 724 million baht last year, up 34% year-on-year, but losses blew out to 2.1 billion baht from 1.9 billion baht the year before.
