SCG packaging unit’s $1b Thai IPO put on hold amid coronavirus outbreak

Coronavirus information and advisory displayed on a mobile phone. Photo: Pixabay

The $1 billion initial public offering (IPO) of Thailand’s Siam Cement Group Pcl’s (SCG) packaging business has been shelved with global financial markets roiled by the coronavirus epidemic, two sources with direct knowledge of the matter said.

The Bangkok-listed company had planned to launch an initial public offering (IPO) of the subsidiary in the first half of 2020, but the deal has now been delayed until equity markets become more stable, according to the sources.

The people could not be named as the information has not yet been made public.

“With travel restrictions, volatile financial markets, and the COVID-19 measures, SCG Packaging continues to monitor the IPO timeline,” an SCG spokeswoman told Reuters.

The SCG Packaging float was to have been the second-largest capital markets deal in Thailand this year, following Central Retail’s February IPO which raised $2.5 billion.

The conglomerate’s chief executive Roongrote Rangsiyopas said in October the proceeds of the capital raising would be used to fund the company’s domestic and international expansion plans.

A time table for when the IPO could be resurrected has not yet been set, according to the sources.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.