By P.R. Venkat

Siam Cement PCL said it has received approval from The Securities and Exchange Commission of Thailand to go ahead with its plans for an initial public offer of its packaging unit.

SCG Packaging Public Co. along with its financial advisor is assessing the current situation including that of the equity capital markets, and confidence level of both Thai and international investors, Siam Cement said Friday.

"Once the overall situation becomes clearer and more conducive, SCGP will proceed with its IPO and the listing of its shares on the SET (Stock Exchange of Thailand)," the company said.

Siam Cement didn't disclose the amount it is planning to raise from the offering.

Last year, Siam Cement had said that it planned to sell up to 30% of SCG Packaging's shares through an IPO.

SCG Packaging intends to use proceeds from the planned IPO for domestic and international business expansion, Siam Cement had said. 



  Write to P.R. Venkat at venkat.pr@wsj.com