Siam Cement sells interest in TV parts unit

As part of a plan to sell non-core assets, Siam Cement, Thailand“s top industrial conglomerate, said on 8 December 20 that it had sold its 27% stake in television parts maker Siam Asahi Technoglass.

As part of a plan to sell non-core assets, Siam Cement, Thailand“s top industrial conglomerate, said on 8 December 20 that it had sold its 27% stake in television parts maker Siam Asahi Technoglass. SCC told the exchange it expected to book an after-tax loss of about THB 600 million (USD 16.9 million) in the 4Q from the sale of the shares to Asahi Glass Co. Ltd, a shareholder in the TV parts maker. The loss was part of a further charge of THB 2.7 billion for the closure of SCC“s TV tube-making firm CRT that it expected to record in the 4Q, it said. Siam Asahi was a television parts supplier to CRT. SCC posted an asset impairment charge of THB 798 million incurred by the shutdown of CRT in the 3Q. SCC, which has spent the past few years divesting non-core businesses, derives about half its sales from petrochemicals. Building materials, paper and cement account for 40%.