THAI ASSOCIATION JOINS ASEAN VENTURE COUNCIL
A Thai venture-capital association has joined two other associations from Singapore and Indonesia in the Asean Venture Council.
This is an umbrella organisation that enables member associations to promote and develop the venture-capital industry across the region.
Representatives from the Singapore Venture Capital & Private Equity Association (SVCA), the Asosiasi Modal Ventura Untuk Startup Indonesia and the Thai Venture Capital Association signed a memorandum of understanding in Singapore yesterday.
“The purpose of creating this coalition is to bolster inter-country relations and to enable each of … our markets to leverage each other’s strengths and innate potential,” said SVCA chairman Jeffrey Chi.
– The Straits Times
TANG HUA SENG RESPONDS TO DROP IN SALES
The sluggish economy has negatively affected the sales performance of Tang Hua Seng, a Thai-owned department-store chain, which anticipates its sales to drop 20 per cent this year.
The company posted sales of Bt1.6 billion last year.
In response to the sales drop, the company will reduce the area of its department store in Thon Buri and replace it with a 30-per-cent increase in the rental space for product vendors and retail tenants, president Viroj Chunprathipthong said.
He added that the company had also revised its investment plan, including the renovation of the Tang Hua Seng department store in Bang Lamphu, Bangkok, to cater better to foreign tourists instead of shoppers from government offices, in response to a shopping-trend change.