Thailand's largest industrial conglomerate Siam Cement Group Pcl (SCG) acquired a 55% stake in Indonesian paper packaging company, PT Fajar Surya Wisesa Tbk from existing shareholders for $665 million, it said on Friday, May 10.

"The major shareholding in Fajar will allow SCG to enhance its ASEAN growth, especially in Indonesia," CEO Roongrote Rangsiyopash, said referring to the Association of Southeast Asian Nations.

SCG's packaging business profits of 1.68 billion baht, made up 14.4% of the company's profit in the three months ending in March.