Italian-Thai Development Finalizes Sale of 49% Stake in Phumjai Thai Cement
Italian-Thai Development has completed a deal to sell a 49% stake in its cement plant subsidiary to a Hong Kong-based investor for 1.114 billion baht.
According to a report by Matichon Online, the major construction firm Italian-Thai Development (ITD) has officially closed a deal to divest a 49% stake in its subsidiary, Phumjai Thai Cement. The transaction, valued at 1.114 billion baht, involves a strategic investment from a Hong Kong-based capital group. This move represents a significant shift in the company's asset portfolio as it seeks to streamline its operations. For residents and business observers in Thailand, this divestment highlights ongoing adjustments within the country's major industrial conglomerates, which may influence local construction supply chains and market competition. While the financial terms of the sale have been finalized, the long-term impact on the cement plant's operational management and future production capacity remains to be confirmed. Stakeholders are now waiting to see how this influx of foreign capital will affect the plant's strategic direction and whether further restructuring within the ITD group will follow. The deal underscores the continued interest of international investors in Thailand's industrial sector despite broader economic fluctuations.
