Siam Commercial Bank Pcl sells stake in Siam Cement Pcl

Siam Commercial Bank Pcl said on Thursday it sold its stake in Siam Cement Pcl to raise THB4.47bn (US$123.17m) funds to cover provisions for loans to struggling steel firm Sahayiriya Steel Industries.

The Siam Cement shares were sold to the Crown Property Bureau which is already a major shareholder in Thailand's biggest cement firm, the bank's chief executive Arthid Nanthawithaya told Reuters.

"We sold all our holding in Siam Cement to the Crown Property Bureau," he said.