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Finance minister denies rumours of cancelation of ACL share deal

BANGKOK, Dec 10 (TNA) – Finance Minister Korn Chatikavanij on Wednesday denied rumours that Thailand's Ministry of Finance might cancel the planned negotiation for the sale of shares of ACL Bank Plc to Industrial and Commercial Bank of China Limited (ICBC) since it wanted to sell the shares at a higher price than agreed earlier at 11.50 baht each.

"Until now, there has been no change in the negotiation process for the sale of the bank's shares. So, it is unnecessary to make a further clarification on this matter. Should there be any change in the process, I'm ready to clarify it," he said.

Previously, there were the rumours that the finance minister instructed a reassessment of the selling prices of the shares by engaging Krung Thai Securities Co. to act as a financial advisor for that purpose.

At present, the Thai finance ministry holds a 30.6 per cent stake in ACL Bank with Bangkok Bank having an equity of 19.3 per cent.

On September 30, ICBC signed an agreement to purchase ACL Bank's shares in a portion of 19.3 per cent from Bangkok Bank at 11.50 baht each.

Shanghai-based ICBC, China's largest bank in terms of assets, is making the share purchase acquisition as part of a tender offer on a voluntary basis is expected to require a total investment of Bt18.30 billion (US$545 million). (TNA)

-- TNA 2009/12/10

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