Siam Commercial Bank Public: SCBX Mothership to be listed on the SET

“The SCB Group is ready to move forward with the group’s strategy on the group and the restructuring of the activities to create long-term growth. SCBX recently announced a tender offer in which the shareholders of the Bank were invited to exchange SCB shares for newly issued shares of SCBx at a ratio of 1 SCB ordinary share or 1 preferred share for 1 SCBx ordinary share The tender offer process (for the exchange of shares) will start on March 2 and run until April 18, 2022 to prepare for the listing of SCBx on the Stock Exchange of Thailand (SET) and the delisting of SCB shares from the market on the same day.

Regarding the layout, CEO of Siam Commercial Bank and Chairman of the Executive Committee and SCBXCEOArthid Nanthawithaya noted, “After receiving the approval of the Extraordinary General Meeting of Shareholders of the Bank at the end of 2021, it is now time to start the process of exchanging shares “SCB” for “SCBX” and listing the latter on the SET, replacing the Siam Commercial Bank. This will take the SCBX become the mothership of the SCBX Financial Group. SCBX will lead the group in achieving our vision “To be the most admired fintech group in ASEAN”. Our plan is to expand into new businesses that present an attractive long-term growth and return profile, such as consumer finance, digital financial services, technology and platforms. This move is aimed at creating a higher and more sustainable return for shareholders.”

Within the framework of this public offer (for the exchange of shares), SCBX will issue and offer new ordinary shares in exchange for ordinary and preferred shares of the Bank on the basis of 1 ordinary SCB share or 1 SCB preferred share for 1 SCBX ordinary share. The exchange of shares will not be automatic and will only take place if SCB shareholders “accept” the tender offer. When the tender offer process is completed, tentatively by April 2022, and the number of shares accepted by SCB shareholders will not be less than 90% of the Bank’s total voting rights , “the CBSX“The shares will be listed on the Stock Exchange of Thailand with the symbol “SCB” unchanged, and SCB shareholders who trade shares within the specified period will become SCB shareholders.X. SCB shareholders who have not accepted the takeover bid within the time limit will remain shareholders of the Bank. However, the SCB shares will be delisted from the SET on the date on which SCBXThe securities of are listed.

“We are confident that this shareholding restructuring process will help to increase the visibility, flexibility and growth capabilities of the SCB Group’s business, which should ultimately lead to better and more sustainable return for shareholders in the long term. The new structure will have segregation of businesses and their governance, risk management, and other operations that will benefit the SCB Group as a whole.” Arthide.

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