SCG reviewing investment plans

The Siam Cement Group (SCG) stated that it will review its investments in light of high market volatility and slowing global demand. 

"We are still not sure how deep the impact of the US crisis will be. While we are feeling little impact now, it will be better if we prepare for the unexpected,'' said Mr. Roongrote Rangsiyopash, SCG's chief financial officer. ''If we have to make a choice, long-term security is the priority, not growth figures." 

In particular, a joint venture with PetroVietnam to build a $3,5 billion chemical complex in Vietnam is likely to be slowed down.

In the first six months of 2008, SCG's revenues rose 23% year-on-year to 158,86 billion baht, but income declined 16% to 14,31 billion. 50% of SCG's earnings are from chemicals, 30% from cement and paper and building products accounting for around 20%. The company has little direct exposure to the US, but is opting to play it safe, reports the Bangkok Post.{/reg}