The Siam Cement Public Company Limited (SCC) hereby announces that SCG Cement-Building Materials Company Limited (SCG CBM), a wholly-owned subsidiary of SCC, has entered into a share purchase agreement to acquire all shares of Oitolabs Technologies Private Limited (OITOLABS) in India from the existing shareholders, to support SCG CBM’s digital technology and software development with the aim of delivering values to customers and enhancing growth opportunities.
The aforementioned transaction is valued at 2 million USD or approximately 62.4 million Thai Baht, translating into SCG CBM’s 100% equity stake in OITOLABS. The transaction is expected to be completed in the third quarter of 2020.
OITOLABS, a leading software development company in India, has personnel with capability and experience in digital platform development that can help accelerate SCG CBM’s business success. This acquisition complements SCG CBM’s strategy to expand Active OMNI-Channel retail platform for home building customers in ASEAN region.