Siam Cement,Thailand said on Friday it expected to conclude acquisitions in its core businesses late this year as part of its plan to expand in Southeast Asia.
The company would also complete a US$1.2bn olefin joint venture with Dow Chemical Co in 2010 as planned, and other upstream and downstream petrochemical investments with Dow were on track, President Kan Trakulhoon said. Kan said there were no question marks over its ventures with Dow, which is restructuring and plans to divest several assets.
"We should conclude acquisition deals late this year. One reason is that we will feel more confident about our finances at that time, and we think acquisition prices are going to fall further," he told Reuters in an interview. "We are comfortable with our cash," he said.
"But we’re not spending at this time. We want to reserve cash," he added, referring to the US$700-$800m in cash it held and which was expected to help fund acquisitions.