Thai SCG approvals proposals to buy out Vietnam tile firm

Siam Cement Group (SCG) plans to wholly acquire Vietnam’s ceramic tile manufacturer. Siam Cement Group (SCG) has approved the proposal of its wholly owned subsidiary SCG Building Materials to acquire the remaining 15 per cent stake of Prime Group and related assets for THB2.19bn (US$61.24m), the Nation newspaper reported.

SCG in December 2012 closed a deal to acquire an 85 per cnet stake in Prime Group, the largest ceramic tile in Vietnam, for THB7.2bn (~US$240m). SCG saw revenue up seven per cent YoY to VND14.1trn (US$638m) in Vietnam in its fiscal year 2015, the firm said in a press release.