According to finance permanent secretary Sathit Limpongpan, there has been progress on ACL sale. According to the process, a proposal will be submitted to the finance minister, which if approved would be sent back to the Bank of Thailand. The deal is currently pending for the finance minister’s approval. Meanwhile, finance minister Korn Chatikavanij said he should approve the deal in couples of days and that all parties should benefit from such

transaction.

Thailand will consider a tender offer by the Industrial and Commercial Bank of China, the world’s largest by value, to buy a controlling stake in ACL Bank at Bt11.50 a share if there is ”no better” proposal. “The proposed price and the potential buyer are satisfactory,” Finance Minister Korn Chatikavanij told reporters via a video conference from Istanbul yesterday. “If there is no better proposal, we’re ready and satisfied to sell ACL’s stake at the same price as the market.” (The Nation)

The Industrial and Commercial Bank of China (ICBC) (601398.SH), the world’s largest by market value, announced late Tuesday it had reached an agreement with Bangkok Bank of Thailand to buy a 19.26% stake in Thailand’s ACL Bank. Under the agreement, the ICBC would acquire the stake held by Bangkok Bank at Bt11.5 (US$0.343) per share. The ICBC said it would also make a tender offer to all other ACL Bank shareholders, making its bid for the bank worth a total of about Bt18.29b (US$544.5m). (Xinhua News Agency)