The finance ministry is set to record revenue of 6.0 billion baht after it reached a deal to sell ACL Bank to China’s ICBC group at minimum buying price of 10 baht a share, a news source familiar with the matter said.

He said Thai finance minister Korn Chatikavanij has approved to sell 500 million shares, or 30 percent stake of ACL Bank to the Chinese bank.

Industrial and Commercial Bank of China (ICBC) confirmed in a statement it would buy ACL Bank at the negotiated price.

Share of ACL Bank surged by 13.45 percent, or 0.64 baht, to 5.40 baht with turnover of 100 million shares on Tuesday following ICBC’s announcement.