Siam Cement Group (SCG), one of the largest conglomerates in the region, is freezing investment plans for new projects in the Philippines, saying it will focus more on mergers and acquisitions. The Daily Tribune quoted SCG Paper president Chaovalit Ekabut as telling Philippine media that the company’s vision of becoming a leading company in the region depended on important strategies that may involve investing more in new projects in countries other than the Philippines.
Chaovalit explained that since the Philippines had established markets for its paper, tiles, building materials and distribution businesses, fresh investment would likely go to other countries such as Vietnam, Indonesia, Cambodia and Singapore.
Under its "Go Regional" expansion strategy, SCG has expanded investments in many countries in Asean, including paper, building materials and chemicals projects in Vietnam, cement and building materials projects in Cambodia, chemicals and cement projects in Indonesia, corrugated boxes and building materials in Malaysia and Singapore, and paper and building materials in the Philippines.
"Ultimately, our goal is to become the regional market leader. We will continue with a sustainable expansion programme within the Asean region," Chaovalit added.