The Siam Cement Public Company Limited (SCC) announced that Cementhai Holding Company Limited (CHC), a wholly owned subsidiary of SCC, has entered into a Share Purchase Agreement to acquire a majority stake in A.I. Technology Company Limited (AIT).
AIT is a leading Automation System Integrator in Thailand with a long-standing expertise and experience in the industry. In accordance with the Share Purchase Agreement, CHC will acquire 51% of AIT’s outstanding shares from existing shareholders. CHC expects to complete the transactions, with conditions precedents fulfilled prior to closing, in 4Q21.
The investment in AIT is an integral step for SCG to fully enter automation business and capitalize on growing opportunities for automation business. Automation will help Thailand progress towards Industry 4.0 which should in turn enhance its competitiveness in the global marketplace. AIT’s revenue was 514 million THB in 2020.