SCG Packaging has filed a draft registration with Thailand's Securities and Exchange Commission to issue unsubordinated, unsecured bonds with a three-year-eleven-month tenor and a 2.50% annual coupon paid quarterly. Proceeds will repay maturing debentures, including the SCGP26DA series due in 2026. Subscription runs in two periods in November 2026, first for existing SCGP26DA holders, then for the general public.
Why this mattersA 2.50% coupon over almost four years shows SCGP rolling its 2026 debentures in the domestic market at low cost, on an A(tha) rating.
- Bond tenor is 3 years and 11 months with a 2.50% annual coupon paid quarterly
- Proceeds will repay existing debenture issuance, including the SCGP26DA series maturing in 2026
- Subscription period one runs 11-13 November 2026 for existing SCGP26DA bondholders
- Subscription period two runs 26-30 November 2026 for the general public, including online subscription on 28-29 November
- Fitch Ratings (Thailand) rated the company and the bonds A(tha) on 16 February 2026
- Bookrunners include Bangkok Bank, Krungthai Bank, Bank of Ayudhya and Siam Commercial Bank
SCG Packaging (SCGP) returned to profit in its Indonesian operations in the second quarter of 2026 after cost cuts, an optimised energy mix, higher domestic sales volumes and closer business integration. SCGP posted first-half 2026 net profit of USD 116m (THB 3.87bn) and adjusted cash EBITDA of about USD 313m (THB 10.47bn). Parent SCG Group's consolidated adjusted cash EBITDA rose 35 per cent year on year to USD 1.28bn (THB 42.913bn).
Why this mattersA turnaround in Indonesian packaging profitability signals easing regional overcapacity and cost pressure that has weighed on Southeast Asian containerboard producers.
- SCGP posted H1 2026 net profit of USD 116m (THB 3.87bn) and adjusted cash EBITDA of about USD 313m (THB 10.47bn)
- SCG Group's H1 2026 adjusted cash EBITDA rose 35% year on year to USD 1.28bn (THB 42.913bn)
- SCG Group H1 2026 sales revenue was USD 7.75bn (THB 259.57bn), up 4%, while profit for the period fell 4% to USD 530m (THB 17.758bn)
- SCG Group Q2 2026 adjusted cash EBITDA rose 47% year on year to USD 836m (THB 27.984bn), aided by the Indonesian packaging recovery
- SCGP holds about 33% of the Indonesian packaging paper market and sources about 60% of its recovered paper locally
- SCG's Indonesian sales rose 39% year on year in Q2 2026 to USD 360m (Rp 6.51 trillion), driven mainly by petrochemical exports from the Long Son complex in Vietnam
SCG Packaging (SCGP) will invest THB 9,846m (USD 295m) to add 400,000 tonnes per year of plasterboard liner paper capacity at its Siam Kraft Industry plant in Kanchanaburi, Thailand. Commercial production is due to start in the fourth quarter of 2028, and the new machinery will also be able to produce premium linerboard for the group's Thai and Vietnamese corrugated box operations, which are currently running at full capacity.
Why this mattersAdding 400,000 tonnes of swing capacity gives SCGP plasterboard liner volume plus relief for Thai and Vietnamese box lines already running full.
- SCG Packaging will invest THB 9,846m (USD 295m) to expand plasterboard liner paper capacity
- The project adds 400,000 tonnes per year at the Siam Kraft Industry plant in Kanchanaburi, Thailand
- Commercial production is expected to start in the fourth quarter of 2028
- The new machinery is designed to switch flexibly to producing premium linerboard for corrugated boxes
- CEO Wichan Jitpukdee says the expansion also supports SCGP's Vietnam operations, which are running at full capacity
- SCGP says it continues to pursue mergers and partnerships to grow across the region
SCG Packaging has completed acquisition of a 90% stake in Jin Zhong Fa Paper Industrial (JZF), a corrugated containers producer in Chonburi, Thailand, for Baht 68 million. The deal adds 28,000 tonnes of annual production capacity and expands SCGP's customer base among fruit exporters to China. JZF's results will be consolidated into SCGP's financial statements from October 2026.
Why this mattersThe bolt-on deepens SCGP's fibre packaging footprint in Eastern Thailand's fruit-export corridor, letting it reallocate orders and free capacity elsewhere.
- SCGP acquired a 90% stake in Jin Zhong Fa Paper Industrial (JZF) for Baht 68 million.
- JZF adds 28,000 tonnes of annual production capacity in Chonburi province, Thailand.
- JZF is a corrugated containers producer serving customers in the China-bound fruit export market.
- JZF reported FY2025 revenue of Baht 205 million and total assets of Baht 240 million.
- JZF's financials will be consolidated into SCGP's accounts from October 2026.
- SCGP CEO Wichan Jitpukdee said the deal supports growth of its fibre packaging business across ASEAN.
- The acquisition was made through Thai Containers Group (TCG), owned 70% by SCGP and 30% by Rengo.
- The deal takes Rengo's Thai corrugated packaging network from 15 to 16 plants.
- SCGP's Q2 2026 sales reached THB32.45bn, up 3% year over year and 11% sequentially
- Q2 2026 EBITDA rose 37% year over year to THB5.82bn, with profit attributable to shareholders up 128% to about THB2.30bn
- Management cited improved performance in Indonesia and continued strength in Vietnam
