A deal to sell a majority stake in Thailand’s largest crypto exchange to the nation’s oldest bank remains stuck in due diligence more than eight months after the plan was unveiled, according to the platform’s co-founder.
The proposal with SCB X Pcl that helped propel Bitkub Online Co. into a so-called unicorn has yet to be wrapped up, according to Jirayut Srupsrisopa, chief executive officer of Bitkub Capital Group Holdings.
“I can’t mention about the deal publicly yet because it’s under the due-diligence process,” Jirayut said in an interview with Bloomberg TV on Monday. “But everything is still in the same timeline. That’s all I can mention about the deal.”
Bangkok-listed SCB X, the parent of Siam Commercial Bank Pcl, agreed to acquire 51% in Bitkub Online for 17.9 billion baht ($490 million) in November. The lender, which has signaled ambitions of becoming a regional provider of fintech services, has also cited due diligence as a reason for the delay.
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