Economy October 17, 2012 00:00


Asean-China |'solutions provider'

The three branches of Malayan Banking in the Greater China region will be turned into a leading cross-border solutions provider between Asean and China by 2015.

Abdul Wahid Omar, president and CEO of Maybank, Malaysia’s largest financial-services group, said the group had put in place a strong cross-border wholesale banking business platform in the region, which had contributed to significant growth in profits for the bank over the years.

“If you look at our financial report in the first half of the year, as of June 30, our branches in the Greater China Region contributed US$37 million [Bt1.135 billion], which was 3 per cent of the bank’s total before-tax profit.

“Obviously, we expect them to continue to contribute but at the same time, we also expect others to do well, especially with our expansion in the Philippines. It’s not our intention to make this region our largest profit contributor or surpass Singapore and Indonesia,” he said at a news conference held in conjunction with the opening of Maybank’s Beijing branch. |– The Star/ANN

TMC launches

IPO today

TMC Industry will launch its initial public offering from today through Friday at the price of Bt3.90 per share.

The company plans to list on the Market for Alternative Investment.

At the offered price, investors will enjoy a discount of 25.84 per cent in line with the company’s continued 30-per-cent sales growth.

Finansia Syrus Securities, an underwriter of the IPO, said 85 million shares with a par value of Bt1 apiece would be floated.

Of the total, 5 million shares will be reserved for the company’s employees at the price of Bt3.12 per share, a 20-per-cent discount from the IPO price, with a three-month silent period. – The Nation

Online hypermarket

platform from Big C

Big C Supercenter will introduce the country’s first integrated online hypermarket shopping platform starting with a mobile application, QR (quick response) code, drive-through pick-up, gift vouchers for first-time online shoppers and a lucky draw for prizes worth more than Bt3 million – before launching “never before seen” online shopping innovations soon.

The move to online shopping is aimed at coping with today’s digital lifestyle, as more and more customers are making purchases through computers and smart phones. Research has indicated that the new generation has limited time and is looking for a convenient, quick, reliable, cost-efficient and complete outlet to make their purchases. The Internet fulfils this need and has created an online market with strong growth potential. – The Nation

Vietnam exports

6m tonnes of rice

Vietnam, the world’s second-largest rice exporter in 2011, shipped 6.02 million tonnes this year through October 11, the Vietnam Food Association said.

Shipments from October 1-11 were 177,371 tonnes, it said in a statement on its website.

Vietnam exported a record 7.11 million tonnes in 2011, according to the association. The country will match or exceed last year’s exports in 2012, Agriculture Minister |Cao Duc Phat said last month. |– Bloomberg