One of Thailand’s biggest conglomerates Siam Cement Group (SCC) and Siam Global House (GLOBAL) announced on Thursday an investment of 981 million baht in Indonesian housing retailer PT Caturkarda Depo Bangunan Tbk (CKDB).
Global House International, a joint venture company between Siam cement and Siam Global has acquired a 12.75-per-cent stake in CKDB, SCC president Roongrote Rangsiyopash said in a statement.
The deal proceeded with a purchase of 866 million common shares at a price of 482 Indonesian Rupiah each, totaling 418 billion Indonesian Rupiah or around 981 million baht.
“This investment will support SCG’s strategic expansion of retail business in ASEAN,” said Roongrote.
He noted that the company seeks to “invest more when appropriate.”
PT Caturkarda Depo Bangunan Tbk operates a retail business, offering building materials and household equipment under the brand Depo Bangunan in Indonesia.
Earlier, SCC reported a 30-per-cent year-on-year drop in its third-quarter results due to lower demand in construction business during Covid-19 outbreaks. Meanwhile, analysts expect the earnings to rebound in the fourth quarter.
“4Q profits will be supported by recovery in demand of its main segments, after restrictions are lifted,” said analysts at Bualuang Securities.
SCC’s main businesses consist of cement and building materials, chemicals, and packaging.