Italian-Thai Development Sells 49% Stake in Phumjai Thai Cement
Italian-Thai Development (ITD) has announced the sale of a 49% stake in its subsidiary, Phumjai Thai Cement, to a Hong Kong-based investor for 1.114 billion baht.
According to a report by Prachachat Business, Italian-Thai Development Public Company Limited (ITD) has officially notified the Stock Exchange of Thailand regarding the divestment of a 49% stake in its subsidiary, Phumjai Thai Cement. The transaction is valued at approximately 1.114 billion baht. As part of the agreement, the Hong Kong-based investor has been granted an option to acquire the remaining 51% of the company within one year, with an initial valuation for that portion set at 1.134 billion baht. Upon the completion of this potential second phase, Phumjai Thai Cement will cease to be a subsidiary of ITD. For residents and business observers in Thailand, this move represents a significant shift in the portfolio of one of the country's largest construction firms. While the immediate impact on daily life or tourism remains minimal, such divestments are often closely watched as indicators of corporate restructuring and liquidity management within the Thai construction sector. It remains to be confirmed how this change in ownership will affect the operational direction of the cement plant and whether the remaining 51% stake will indeed be transferred within the stipulated one-year timeframe.
