Siam Cement says IPO may not appropriate at this time
Company to proceed with IPO after conditions improve
Shares of Siam Cement have dropped 7 year to date

SINGAPORE, Aug 28 Reuters Thailand39;s largest industrial conglomerate Siam Cement said on Monday it has decided not to proceed with the domestic initial public offering IPO of its unit SCG Chemicals due to unfavorable market conditions.

Siam Cement said in a stock exchange filing that it may not be appropriate to proceed with the IPO at this time.

The company, which counts King Maha Vajiralongkorn as its largest shareholder, attributed the decision to the readiness of both Thai and foreign capital market investors to take on a sizeable IPO of a Thai company at this time as well as external circumstances such as the economic situation and energy crisis.

Siam Cement announced in April last year the IPO plan for SCG Chemicals. It said in Monday39;s statement the IPO approval period was extended until Oct. 4 this year but cannot be further extended.

Siam Cement said it intends to proceed with SCG39;s IPO in due course after conditions have improved.

Thailand, Southeast Asia39;s secondlargest economy, last week chose its new prime minister, real estate tycoon Srettha Thavisin, after months of a caretaker administration and political limbo following a May general election.

Siam Cement39;s decision on SCG39;s IPO could weigh on other potential listings on the Thai stock exchange. Other Thai companies seeking IPOs…