BANGKOK -- A spinoff of Thailand's largest cement company has become the latest to postpone an initial public offering on the Bangkok bourse amid a market downturn brought on by political uncertainty and bleak economic prospects.
Siam Cement Group is delaying the IPO of SCG Chemicals until Oct. 4, it announced on Monday. The group initially filed for a listing in April 2022 and planned to offer 25.2% of its shares but "decided that it may not be appropriate to proceed with the IPO at this time," Siam Cement CEO and President Roongrote Rangsoyopash wrote to the Stock Exchange of Thailand, citing the economic situation and an energy crisis affecting investor readiness.
