BANGKOK : Thailand's Siam Commercial Bank Pcl saw its share price reach a 25-month high after markets opened on Thursday, following its announcement of a major restructuring plan and new venture capital fund with Charoen Pokphand Group.
Thailand's third-largest lender by assets announced on Wednesday it would establish SCBX as a parent company through a 1:1 share swap. SCBX would replace SCB as the listed entity and a one-time dividend payment of 70 billion baht would be issued to SCBX to finance the business transfer, new investments and as payment to shareholders.The share swap is contingent on shareholder and regulatory approval. It plans to delist SCB in February next year.
SCBX would hold shares in more than 16 businesses including auto loans, credit card, AI-based lending and food delivery. It aims to have 200 million customers by 2025 in the region and reach market capitalisation of 1 trillion baht from 372 billion baht.
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