CIMB Group has announced a leadership transition plan and made Nazir Razak its chairman.
The appointment will take effect on September 1.
The current chairman, Mohammed Nor Yusof, will retire from the board of directors and join the group’s international advisory panel.
Nazir is currently group chief executive.
CIMB is also reconfiguring its leadership structure. In addition to being group chairman, Nazir will chair a newly formed executive committee of the board that will focus on key strategic matters and aim to enhance the board’s oversight functions.
A new group CEO will be announced once regulatory approvals have been obtained.
Nazir will continue to serve as president commissioner of Bank CIMB Niaga and deputy chairman of CIMB Bank.
AIRA to trade on MAI
Holding company AIRA Capital believes its stock price will climb above the subscription price of Bt0.75 on the first day of trading on the Market for Alternative Investment on Monday.
Nalinee Ngamsettamas, chief executive of Aira Capital, said the initial public offering fund of Bt475.45 million would be supported by a plan to invest in financial and non-financial institutions as the company expected a rate of investment at 75:25.
Nalinee said AIRA was interested in investing in hire-purchase, consumer-finance and insurance businesses to strengthen revenue.
In the first quarter, it reported revenue of Bt128 million, dropping from Bt228 million year on year because of a reduction in revenue from its brokerage business.
Savings co-ops urged to join credit bureau
Savings cooperatives are expected to apply to become National Credit Bureau members after the Bank of Thailand and the bureau strongly promoted the NCB as a tool to help analyse credit risk and prevent bad loans.
Surapol Opasatien, the bureau’s chief executive officer, said savings cooperatives of the office of the permanent secretary for Defence and the Khon Kaen Teacher Thrift and Credit Cooperative were the first to apply for membership.
Surapol said the NCB was preparing to accommodate more cooperatives.
At the end of the first quarter, outstanding loans through savings cooperatives nationwide rose 10 per cent year on year to more than Bt1.5 trillion, representing 10 per cent of total household debt.
To encourage savings cooperatives to become members, the NCB will waive the monthly fee to those who join from now until December 31, 2016.
Index Creative eyes SET
Integrated event organiser Index Creative Village is conducting a feasibility study on listing on the Stock Exchange of Thailand, as being a listed company would allow it expand into overseas markets, chief executive Kriangkrai Kanjanapokin said.
“The plan of listing is expected to be concluded within one or two years,” Kriangkrai said.
“Being a listed company would help create much opportunity for expanding our business in overseas markets.
“The revenue from the international market currently contributes only 5 per cent [of our total revenue] but we aim to increase that to 40-50 per cent within three to four years.”
Hemaraj avoids Mideast
Hemaraj Land and Development has delayed its investment plan in the Middle East over concern about the region’s regulatory and legal risk factors, its director Sawasdi Horrungruang said.
He said the company had planned to conduct feasibility studies on investment in industrial estates and hotels in Libya and Iran as both countries have rich energy and other natural resources, adding that the number of hotels in Iran was not sufficient to accommodate tourists. But he said the risk factors were too great.
“Therefore, we are not in a hurry to invest there and will turn our focus to the domestic market,” he said.
Sawasdi said foreign investors were now more understanding of the political situation in Thailand situation and the unblocked of Board of Investment would help boost investment activities in the second half of the year.
TOT, CAT chairmen quit
The chairmen of TOT and CAT Telecom have resigned to pave the way for the National Council for Peace and Order to appoint new boards.
TOT chairman Suchart Wongananchai resigned yesterday. Another four of TOT’s 14 board members resigned recently.
CAT chairman Kraisorn Barameeauychai and another four board members stepped down after the Finance Ministry refused to extend their terms on Wednesday.
Both TOT and CAT have suffered huge losses after they transferred annual concession revenue to the state last December as obliged by the 2010 Frequency Allocation Act.