Thailand’s SCG, the owner of an 85% stake in Prime Group, plans to acquire the remaining 15% to make the major ceramic tile maker in Vietnam a 100% Thai-owned concern.

Prime Group’s ceramic tiles are on display at an exhibition in HCMC. Prime Group may turn 100% Thai-owned.

According to The Nation newspaper, SCG’s board of directors has approved a proposal to buy the 15% stake in Prime Group at a cost of 2.19 billion baht (US$61.2 million). If the deal is inked, SCG will have full control of Prime Group.

In December 2012, the Thai giant acquired 85% of Prime Group shares for 7.2 billion baht (about US$240 million) to become the world’s biggest ceramic tile manufacturer.

Prime Group earned sales revenue of 8.3 billion baht in fiscal 2015, according to The Nation.

Kan Trakulhoon, president and chief executive officer (CEO) of SCG, said earlier that the corporation will invest further in Vietnam and focus more on acquiring local businesses to expand operations here.

In July last year, SCG bought an 80% stake at Tin Thanh Packing JSC (Batico) in a bid to expand business and consolidate its position as one of the leading suppliers of packaging paper in ASEAN.

According to SCG’s financial report on last year’s fourth quarter, SCG Vietnam had total assets of over VND16.6 trillion (US$737 million), up 17% year-on-year. SCG’s sales in Vietnam amounted to VND14.1 trillion (US$638 million) in fiscal 2015, a rise of 7% from a year earlier.

The leading Thai conglomerate wants to push for its US$4.5-billion integrated petrochemical complex in Vietnam’s Ba Ria-Vung Tau Province despite the recent withdrawal of Qatar Petroleum, one of the four key partners in the project, dubbed as Long Son Petrochemicals.

SCG is active in various fields, mainly cement-building materials, petrochemicals and packaging, and has over 200 subsidiaries and 52,500 employees.

The corporation entered Vietnam in 1992, focusing on the three major sectors. At present, SCG has 22 subsidiaries with more than 6,900 local employees.