Siam Cement Plc merges NTS Steel Group
Siam Cement Public Company Limited of
Thailand agreed on a merger with NTS Steel Group after long lasting negotiations. Financially troubled NTS Steel was seeking fresh funds and once this transaction is complete 3.7 billion baht outstanding debt repayment schedule of the group will be restructured. Both companies are aiming to lower the
production costs with this merger.
Sawasdi Horrungruang, Chairman of NTS Steel has long been looking for parties to support their good quality
production and plant as they could not get the governmental support throughout the financial bottleneck.
The new company to be established will be called Millenium Steel with 45% shares to be held by Siam Cement and 55% shares to be held by the current shareholdrs of NTS Steel Group.
Officials state that once the merging is complete NTS will be delisted and Millenium Steel will be listed on the Stock Exchange of
Thailand (SET) with combined total assets of 17 billion baht and total liabilities of 9billion baht.
Thailand domestic steel industry is expected to grow 3-4% this year which is believed to be in line with the economic growth expectations.