Siam Cement reduces stake in Michelin Siam Group

Siam Cement reduces stake in Michelin Siam Group
Published: 04 July 2005

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.