Siam City Cement, Thailand’s second largest cement maker by capacity, said Thursday it will buy back up to 7.5 million shares, or three per cent of its total issued shares, for as much as THB1.8 billion. The plan is aimed to help reduce excess liquidity, the company said in a statement. The share buyback will be made on the Stock Exchange of Thailand and will run for six months from July 14 to Jan. 13.
The company will later determine the offering price, based on the stock’s valuation during the past 30 trading days, or between May 15 and June 27, which averages THB227.93. According to SET regulations, the buyback price can’t exceed 115 per cent of the average closing price over five trading days before the buyback.