Siam Cement reduces stake in Michelin Siam Group

The Siam Cement Group (SCC) has reached an agreement with the Michelin Group (of France) to reduce its stake in Michelin Siam Group from 40% to 10%, beginning Q4/05. This transaction is expected to result in a non-recurring income to SCC of approximately 3.3 Billion Baht over 2005-2008.

In FY2004, Michelin Siam Group had sales of 16.3 Billion Baht, and had total assets worth 17 Billion Baht, with shareholders’ equity of 6 Billion Baht. Michelin Siam Group was formed as a joint venture between SCC and Michelin Group (of France), and is one of Thailand’s largest manufacturer of car and truck tyres.