Asia Digest: Colony to open third co-working space; Siam Cement pares stake in unit

Colony
Photo: Colony website

Malaysia-based co-work space operator Colony has announced its third serviced office while Thai-listed Siam Cement is divesting its 60 per cent stake in Siam Stabilizers and Chemicals Co Ltd to Sakai Chemical Industry Co Ltd.

Colony to set up third office in KL

Serviced office and co-working space operator Colony will be opening its third office in Kuala Lumpur by the end of this year. It is investing RM4.5 million ($1.11 million) into this new location.

The third office, located in KL Sentral, can accommodate over 200 people in private offices and fixed desks.

“Colony will be present in all the prime locations in each city we are in. Our first location was in KLCC area, the second in KL Eco City and now the third one in KL Sentral”, said Colony founder Timothy Tiah.

In April, hospitality investment firm Cornerstones Partners has picked a 10 per cent stake in Colony at a RM64-80 million ($15.8-19.8 million) valuation. Last month, Colony announced that its KL Eco City office had found an anchor tenant that will bring in RM5.6 million ($1.4 million) revenue.

Siam Cement to divest 60% stake in SSC

Thailand-listed Siam Cement is divesting its 60 per cent stake in Siam Stabilizers and Chemicals Co Ltd (SCC) to Sakai Chemical Industry Co Ltd, it said in a local stock filing.

The divestment will be done via SCG’s chemical subsidiary Thai Plastic and Chemicals (TPC), subject to TPC’s shareholers’ approval and is expected to be completed in the third quarter of 2018.

Upon completion, TPC will receive total proceeds of $5.4 million, with a non-recurring after-tax gain of $1.15 million. Siam Cement is Thailand’s largest cement maker and industrial conglomerate while TPC is an integrated maker of PVC products with operations across Southeast Asia.

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