The South Tees Development Corporation, Krung Thai Bank Public Company, The Siam Commercial Bank Public Company and TISCO Bank Public Companyhave held positive discussions over the future of the former SSI Steelworks.
A statement from the Tees Valley Combined Authority, issued on Thursday afternoon, said the discussions – involving Tees mayor Ben Houchen and Boro chairman Steve Gibson, who is vice chair of the STDC – have been hosted at the British Embassy in Thailand.
“An agreement in principle has now been reached subject to contract and board approval, to transfer the SSI UK assets and land to the South Tees Development Corporation,” says the statement.
“The final agreement will need to be agreed by the Official Receiver and ultimately the boards of three Thai Banks.
“Subject to contract, the transaction will be completed later this year.”