November 26, 2008
US equity firm sells BankThai stake to Malaysian CIMB
US-based private equity firm TPG Capital said on Tuesday it had agreed to sell its 37 percent stake in Thailand's BankThai BT.BK to Malaysia's CIMB, reported Reuters.
That would increase CIMB's holding in BankThai to about 80 percent, after it completed the purchase of 42.13 percent from an arm of Thailand's central bank last month.
CIMB subsequently said it would make an offer to buy in the market the 57.87 percent of the Thai bank it did not own, and the price was expected to be 2.10 baht ($0.596) per share.
The proposed tender offer for about 3.86 billion shares, scheduled for Nov. 17, would cost about 8.11 billion baht ($233 million), BankThai has said.