Siam Commercial Bank (SCBX) has acquired shares of Bitkub Online Company Limited or Bitkub, the number one cryptocurrency trading platform in Thailand. In the proportion of 51%, the total investment value is over 17,850 million baht. This deal must be closed in the first quarter of 2022, but the deal cannot be completed on time. and announced an indefinite delay
On July 7th, SCBX Company, led by Mr. Arthit Nanthawittaya, Chief Executive Officer of SCBX, issued a letter to the Securities and Exchange Commission or the SEC to clarify the progress in the case of investing in the company. Bitkub Online Co., Ltd. with the meaning that
Refer to the letter of The Siam Commercial Bank Public Company Limited No. EI 6400008 dated November 2, 2021 regarding the investment in Bitkub Online Company Limited (“Bitkub”) of SCB Securities Company Limited (SCBS), which stated that it was expected that the said share purchase transaction will be able to be completed within the first quarter of 2022
SCB X Public Company Limited would like to inform you that Such transactions in Bitkub are subject to compliance with the rules of the relevant regulatory bodies. and provided that the results of the review of Bitkub, in the material respects, are satisfactory and that the counterparty has fully complied with the conditions stipulated in the share purchase agreement. Currently, the review process is underway. and during discussions with relevant regulators by extending the transaction time from the original schedule
source: siamblockchain
which we still have to follow for this deal Due to this big deal, there may be a number of factors that could cause SCB to fall down, for example, in the past, Bitkub had an issue of creating fake trading volumes. and the case of KUB coins accused by the SEC
A giant deal of 17.8 billion baht may need time to consider many factors. such as the situation of cryptocurrencies If positive, the cryptocurrency boom again, SCBx will be able to generate profits of at least 1.25 billion baht per year. Or if the result is negative or the cryptocurrency is not booming again. It will make this investment bad for SCBx.
This SCBx deal is an example of an acquisition in a crypto business that gives a lot of confidence in the cryptocurrency business. SCBx’s various analyzes and decisions will affect Definitely Siam Commercial Co., Ltd. It is not uncommon to delay deals.
Many have analyzed another key factor concerning SCBX becoming a major shareholder of Bitkub, creating a sensation as the news caused the KUB price to skyrocket. However, it appears that SCBX has not immediately decided to buy Bitkub shares and is pending consideration, causing the KUB to drop as investors shake their confidence with KUB.
Big News for SCBx by Bloomberg International News Agency SCBx is considering options, including the sale of SCBAM, SCB Asset Management.
in the process of discussing with a financial advisor The source stated that The transaction value could be $1 billion-1.5 billion, or about 36 billion-54 billion baht. However, the deal considerations are still in the early stages and SCBX still can’t decide on any deal.