Holcim Ltd on Thursday launched an up to US$741.4m selldown of shares in Thailand's second-largest cement company Siam City Cement PCL (SCCC), IFR reported, citing a term sheet of the deal.

Holcim is selling 63.29 million SCCC shares through its Thai Roc-Cem Ltd unit at an indicative range of between THB350 and THB381, putting the total deal at up to THB24.11bn (US$741m), added IFR, a Thomson Reuters publication.

SCCC, controlled by Thailand's Ratanarak family, had announces Holcim's intention to sell the stake last month.