The Siam Cement Public Company Limited (SET: SCC) has announced that it will temporarily put the listing of SCG Chemicals Public Company Limited (SCGC) on hold due to economic situations and energy crisis.
The Siam Cement announced that SCGC has obtained an approval from the Office of the Securities and Exchange Commission of Thailand (SEC) on April 12, 2023 to extend the IPO approval period until October 4, 2023 and cannot be further extended, in accordance with the relevant Notifications of the Capital Market Supervisory Board. In this regard, the company has considered the suitability of the IPO and the listing of SCGC shares on the Stock Exchange of Thailand by taking into account relevant factors the readiness of both Thai and foreign capital market investors to take on a sizeable IPO of a Thai company at this time as well as external circumstances such as the economic situation and energy crisis; hence, the company has decided that it may not be appropriate to proceed with the IPO at this time.
SCC stated that it remains confident that SCGC, as a leading integrated chemicals player in ASEAN, has growth potential through its business expansion and business partnerships with globally leading petrochemical businesses.
SCC noted that it intends to proceed with SCGC IPO in due course after the situations have improved, including re-submitting an application for the IPO approval as well as a registration statement and draft prospectus (Filing) to the SEC. The company will further update the significant progress regarding such proceedings to investors and stakeholders accordingly.