Bangkok--10 May--Siam Commercial Bank
With reference to the acquisition by Siam Commercial Bank (SCB) of Siam Commercial New York Life PCL (the "Company") from New York Life Insurance Co., Ltd. and its Thai joint-venture company to increase the Bank's stakeholding in the Company to 94.66% of issued and outstanding shares of the Company, SCB is mandatorily required to do a tender offer to purchase all the remaining shares from other shareholders. The tender offer period lasted 25 business days, beginning from March 23, 2011 until May 3, 2011. Sage Capital Limited was appointed by the Company as an independent financial advisor to shareholders for the tender offer.
After the period of tender offer, no shareholder offered the Company's shares to the Bank. Therefore, the Bank continues to maintain 62,950,033 shares, or 94.66% of issued and outstanding shares of the Company.
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