TRIS Rating Co., Ltd. announces today that the Siam Commercial Bank's (SCB) voluntary tender offer for 62.89% ownership of Siam Panich Leasing PLC (SPL) will benefit SPL's credit profile if the tender offer succeeds. This announcement is placed after SCB, which currently owns 37.11% of SPL, announced its intention to make a voluntary tender offer for 135,204,161 outstanding shares of SPL at Bt38 per share.
TRIS Rating said that the acquisition of SPL shows the intention of SCB to expand its automobile hire purchase business, which will be part of its universal banking policy. SCB's tender offer will be valid only when it secures at least 37.89% ownership stake through the tender, ultimately owning not less than 75% of SPL's shares. TRIS Rating expects that becoming a strategic entity under the SCB umbrella should strengthen the business and financial profile of SPL because SPL can leverage SCB's nationwide branch network and funding sources.
TRIS Rating will review the business prospects and financial profile of SPL including potential benefits that may be derived from the new ownership structure if SCB successfully owns more than 75% in SPL as planned. Currently, SPL has been assigned the company and issue ratings at "A-/Stable" from TRIS Rating. -- End
TRIS Rating said that the acquisition of SPL shows the intention of SCB to expand its automobile hire purchase business, which will be part of its universal banking policy. SCB's tender offer will be valid only when it secures at least 37.89% ownership stake through the tender, ultimately owning not less than 75% of SPL's shares. TRIS Rating expects that becoming a strategic entity under the SCB umbrella should strengthen the business and financial profile of SPL because SPL can leverage SCB's nationwide branch network and funding sources.
TRIS Rating will review the business prospects and financial profile of SPL including potential benefits that may be derived from the new ownership structure if SCB successfully owns more than 75% in SPL as planned. Currently, SPL has been assigned the company and issue ratings at "A-/Stable" from TRIS Rating. -- End