SCB Cancels the Share Repurchase to Provide Help for Customers amid COVID-19 Crisis
SCB cancelled the share repurchase program to best help its customers get through the crisis and to seize potential business opportunities after the crisis.
The Siam Commercial Bank Public Company Limited (SCB) has announced the cancellation of the Share Repurchase Project for Financial Management Purposes amid the coronavirus outbreak.
With reference to the share repurchase project for financial management purposes which the Board of Directors of SCB approved at the Meeting No.3/2020 held on 11 March 2020.
Given the current economic crisis characterized by extreme volatility and uncertainty in both financial markets and real economy with no end in sight, the Board of Directors at the Meeting No.5/2020 held on 17 April 2020, has approved to cancel the share repurchase program in order to best help SCB’s customers get through this unprecedented crisis. Furthermore, this decision gives SCB flexibility and readiness to seize potential business opportunities that may arise from the crisis.
