SCB Announces a Share Repurchase Program not Exceeding ฿16bn from 20 April – 19 October!

At the meeting held on 11 March 2020, the Board of Directors of The Siam Commercial Bank Public Company Limited (SCB) approved the share repurchase project for financial management purposes. Under this program, SCB shall use a maximum amount not exceeding THB 16,000 million to repurchase shares not exceeding 135,960,000 shares (equivalent to the amount of not exceeding 4.0% of total paid-up shares of SCB).

The share repurchase will be conducted through the Stock Exchange of Thailand during a period of sex months from  20 April 2020 to 19 October 2020.

 

The principle used to determine the repurchase price taking into account the average market price during the last 30 days prior to the date on which SCB discloses the information of share repurchase. The repurchase price must not exceed 115% of the average closing price of the last five business days prior to each repurchase date. In this regard, the average closing price of the last 30 business days from 28 January 2020 to 10 March 2020 was 93.66 baht per share.

SCB expects the share repurchase to improve shareholders’ return and to build shareholders’ confidence and trust in financial position and earnings capabilities of SCB. SCB has a solid and sound financial position and is continuously driving for growth sustainability. SCB also has a strong level of liquidity and capital fund to fully support the share repurchase program. This will also help SCB’s share price to reflect its intrinsic value.