Siam Cement has sold a 15.6% stake in PTT Chemical, raising Bt33.04 billion $1.1 billion in the largest block trade in Thailand ever. The deal, which was launched at about 11pm Hong Kong time on Tuesday and completed before the Thai market opened yesterday, is more than four times the size of the country’s second largest overnight placement a $223 million sell-down in Ratchaburi Electricity Generating Holdings, which was completed in November.
The sale is also massive when considering that the inflow of foreign capital into the Thai equity market this year is only about $1.8 billion. According to sources, about 82% of the demand for PTTCH came from international investors and the allocation was...
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