Bangkok-based investor says bye-bye to tile maker Mariwasa

A publicly listed tile maker announced on Wednesday that its Bangkok-based stockholder is divesting over 449 million shares to Philippine stakeholders and joint venture partners.   “The disclosure of divestment of a joint venture with another company is in accordance with the regulations of the Stock Exchange of Thailand and it is not a connected transaction,” Siam Cement president and CEO Kan Trakulhoon noted in a disclosure to the Philippine Stock Exchange.   Siam Cement is divesting its Mariwasa shares “following the restructuring of [its] ceramics operations in the Philippines,” Trakulhoon added.   Siam Cement Public Company of Thailand has divested shares equivalent to 39.92 percent of Philippine-based Mariwasa Siam Holdings Inc., Emilie Maramag, Mariwasa Siam’s corporate information officer said in the disclosure.   In an earlier disclosure to the PSE, Mariwasa Holdings noted Siam Cement’s equity was valued at 22 million baht or P30 million.   The divestment is supposed to be final by end-October.   With a public float level of 3.89 percent, Mariwasa Holdings has a market capitalization of P2.891 billion. Its shares were last traded at P2.57 apiece. — Marc Jaycson Cayabyab/VS, GMA News