UOB OFFERS 'ONSHORE LOAN' IN MYANMAR
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United Overseas Bank Group (UOB) is offering onshore financing to Rangoon Excelsior, marking the first onshore loan by a foreign bank in Myanmar since the country awarded licences last October.
Rangoon Excelsior, a French-Myanmar joint venture, is seeking funds to refurbish a building in Yangon as a hotel.
In a statement, UOB did not specify how much it would lend to the company.
It opened the Yangon branch this week, the third among nine international banks awarded licences to do so.
Bank of Tokyo-Mitsubishi UFJ and Oversea-Chinese Banking Corp opened their branches in the last week of April.
Others, including Bangkok Bank, are expected to open their branches later.
SHARP RISE IN ARRIVALS
Government spokesman Yongyuth Mayalarp said yesterday that during the long May 1-4 weekend, 308,776 foreign tourists arrived in Thailand, 12.3 per cent more than in the same period last year.
They generated income of Bt14 billion.
Meanwhile, 94,604 Thais made overseas trips during the four-day Labour Day holiday, 3.1 per cent more than a year ago. They spent an estimated Bt2.3 billion while abroad.
Hotel business in 12 cities promoted by the tourism authorities increased by 11 per cent year on year during the four-day period.
In April, 2.3 million tourists visited Thailand, up by 18.3 per cent, and generated more than Bt100 billion, Yongyuth said.
KPN ACADEMY BORROWS
KPN Academy has successfully tapped a Bt375-million loan from CIMB Thai Bank, in its quest to expand the business ahead of regional integration.
The loan will help KPN Academy increase its network to 20 branches by the end of the year.
Nop Narongdej, KPN Group president, said Thailand and the rest of Asean had demonstrated growth potential, driven by a large population pool and the growing size of the middle class.
CIMB Thai president and CEO Subhak Siwaraksa said: “KPN Group has clear business goals, and a vision that should win support. Its education-centric businesses are consolidated for synergy in human-resource development.”
F&N SEEKS NEW DRINK
Fraser & Neave Holdings is looking for a replacement energy drink after the exclusive rights to distribute Red Bull in Malaysia expire on September 30 this year, according to The Star, which is part of Asia News Network. “If we can’t have Red Bull, we need to have another energy drink,” chief executive officer Lim Yew Hoe said at a briefing yesterday.
He said there were still some five to six months to go, so there was no rush to launch a new energy drink, whether it is rights to a different brand or F&N’s own brand.
“At this moment it is still under tremendous research in Thailand, Singapore and Malaysia, to work out what we think are potential winning products in the energy category in Malaysia,” Lim said.
To replace the loss in volume, F&N will be looking at its new products like Oishi, and will also be launching a new cola brand from Thailand.
