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VietNamNews

Thai company acquires majority stake in tile firm

Update: December, 27/2012 - 11:04

HA NOI (VNS)— Siam Cement Group (SCG) has signed a conditional share purchase agreement with the Prime Group Joint Stock Company to acquire majority ownership of Viet Nam's largest ceramic tile maker for US$238 million.

The agreement calls for the wholly owned SCG Building Materials to acquire 85 per cent of the Prime Group.

The transaction, which indicates a strategic commitment to grow and enhance its capabilities and offerings within ASEAN, will be completed early next year.

Prime Group Joint Stock Company operates eight ceramic tiles plants with a total design capacity of 90 million square meters and commands a 30 per cent domestic market share.-VNS

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