The joint venture marks the beginning of its foray into the Indo-China region, with Vietnam next on the list for expansion.

Bayon CM Organiser was registered in December with capital of US$100,000 (Bt3.5 million), Pichet Turongkinanon, deputy CEO of CM Organiser and managing director of Bayon CM Organiser, said yesterday.

CM Organiser holds a 75-per-cent stake in the new entity, and Bayon, which operates a free-TV channel in Cambodia, holds the rest.

Bayon CM has set up two offices, in Siem Reap and Phnom Penh. The office in Siem Reap will service mainly international corporate customers in the meetings, incentives, conventions and exhibitions market, while the Phnom Penh office will mainly cater to international business conferences and government events.

Pichet said Cambodia had become a popular destination, attracting a lot of travellers mainly due to Angkor Wat, which is listed as a Unesco World Heritage Site. Despite the country being a destination for international companies, particularly from Europe, South Korea and Japan, to hold incentive and corporate meetings, there has been no local high-end event organiser.

He said some of the incentive meetings could bring together as many as 200 people, spending $50,000 to $100,000 per event. But every time, the companies have had to bring event organisers across continents to arrange the events for them.

He said Bayon CM would be the first international company with a high capability to organise events in Cambodia.

The company's first project was to design interior decoration for the Siem Reap National Museum, a project of the Cambodian government that is worth $200,000. However, the work, which began early last year, is actually being undertaken by CM Organiser, as Bayon CM was not registered at that time.

Another big project for the company will be "The Legend of Angkor Wat - When History Comes to Life", a light-and-sound show to be held in November and December this year. The project is part of the Cambodian government's tourism promotion.

Pichet expects more business from the private sector too, and said some international companies from Thailand, such as those in automobile industry, had already shown their interest in arranging events in Cambodia.

Pichet expects revenues of $1 million in the first year of operation and 20-per-cent annual growth after that. He said Cambodia was the first foreign venture for CM Organiser, adding that the company had studied Cambodia's business potential and culture since late 2005 before taking the big step last year.

Regarding plans to enter Vietnam, he said CM Organiser did not have to set up a office there as it can use Bayon CM in Phnom Penh as a working base.

CM Organiser, however, sees a business slow-down in Thailand this year, due to a decline in large events. But he is confident of maintaining its billing level this year due to an increase in small- to medium-sized events, which offset the decline in big events.

The company also has a subsidiary called Event Supply Partners - which comprises The Eyes (multimedia company), PM Centre (light-and-sound equipment rental) and C Mex (event design and decoration) - to serve events that are not so complicated. He said this added another dimension to "corporate marketing events".

CM Organiser expects 10-per-cent growth this year on revenues of Bt795 million last year.

Nitida Asawanipont

The Nation