Buildings material company Holcim has sold its stake in cement company Siam City for $681m.
Switzerland-based buildings material company Holcim has sold its 27.5% stake in Thailand-based cement company Siam City Cement for $681m, Reuters reported earlier today.
Conglomerate Jardine Matheson Holdings has acquired 24.9% of the stake, while the remaining 2.6% have been purchased by unnamed institutional investors.
Holcim expects the sale to result in a pre-tax profit of approximately CHF365m ($380m). The company reportedly made the decision to sell its stake as it was unable to purchase a majority stake in Siam City.
