Beijing, April 21, 2010 Industrial and Commercial Bank of China Limited ("ICBC") announced that a voluntary tender offer to Thailand ACL Bank Public Company Limited ("ACL Bank") has been made, with the delivery of shares and capital. Through the above transaction, ICBC acquired approximately 97.24% shareholding of ACL Bank.
On March 9, 2010, ICBC made the voluntary tender offer in compliance with all the regulatory rules to the shareholders of ACL Bank at THB 11.50 per share in duration of 25 working days. The offer ended on April 16. ICBC received 1,546,286,553 ordinary shares and 282,048 preferred shares from the ACL shareholders (including Thailand Ministry of Finance, Bangkok Bank), which together accounted for approximately 97.24 percent of the total issued shares of ACL. On April 21, ICBC concluded the acquisition by paying the said amount in exchange of the ACL Bank shares.
Under the terms of the Voluntary Tender Offer, if ICBC acquired 80 percent or more of the total issued shares of ACL, ICBC will delist ACL. As the shares acquired went over the restriction, ICBC said it would apply for the delisting of ACL according to the Thailand laws and regulations and Articles of Association of ACL Bank.
Established in 1969, ACL Bank was listed in the Stock Exchange of Thailand in 1978 and obtained the general banking license in 2005. Bangkok-headquartered ACL Bank has 17 branches in the country. For the year ended December 31, 2009, ACL Bank has about THB 65.957 billion (USD 2.05 billion) in total assets, THB 48.027 billion (USD 1.492 billion) in total loans and THB 30.406 billion (USD 945 million) in total deposits, and a net asset of THB 13.123 billion (USD 408 million).
As related, the acquisition of ACL Bank is one important measure of ICBC global strategy. The transaction brings a Thailand banking license and local customers to ICBC, which is significant to capitalize the vast potential amid the fast-growing Thai economy and the booming trades between Thailand and China. To escalate the international presence, ICBC plans to turn ACL Bank into a pan-regional platform as the solid base for the expansion of its business and network in the Mekong River region and also the Southeast Asia region.
Note: As of April 16, 2010, one US dollar = 32.1802 Thai baht.
