CMI aims to double planned SE Asia investment to $10 bn

Beijing-based CMI said in March that it and 10 partners would invest $5 billion to develop an industrial park in Indonesia. It is now seeking similar deals in Thailand and other countries, said chief executive Laurence Liao of CM International Holding, CMI’s overseas arm.

“The market is so huge, its demand is so huge,” Liao said in an interview in Singapore. CMI plans to add another $5 billion for Southeast Asia over the coming decade, he said.

CMI has 59 backers including financial conglomerate China Oceanwide Holdings Group. It is among a growing number of companies looking to profit from the Chinese government’s “Silk Road” initiative.

The initiative aims to boost Chinese business and influence by offering companies incentives to build highways, railways, ports and pipelines in Central and Southeast Asia.

“China Minsheng has long-term committed capital,” Liao said. “While usually other private equity funds have seven or 12 years or similar time horizons, for us, it’s a different story. It’s a very long, long-term capital, more like a pension fund.”

CMI was set up by an ex-chairman of China Minsheng Banking Corp independently of the bank. Its latest major investment was in July, when a subsidiary bought Sirius International Insurance Group for $2.2 billion from Bermuda-based White Mountains Insurance Group.

Liao also said CMI was looking to invest in infrastructure projects in India and was organising a visit by a delegation of Chinese companies this year. – Reuters

 

Siam Steel signs MoU with Nippon Steel

Siam Steel International has signed a memorandum of understanding with Nippon Steel & Sumikin Metal Products Co and Hanwa Co to study the possibility of a joint venture for producing civil-engineering products using steel as the main material, the company reported to the Stock Exchange of Thailand yesterday.

The MoU was signed on July 6.

“The company and its partners see investment opportunities in several mega-projects to be carried out by the government such as the Skytrain, high-speed rail and the expressway system between cities. This will enhance demand for civil-engineering products such as steel products for preparation of construction, noise barriers, silent road panels [and] corrugated water pipelines and road [underpasses]. 

“Furthermore there are water [barrier] panels and corrugated tanks to support the government’s water-management policy,” the company said. 

 

 Tourism agency opens new service centre in Siam Square

The Department of Tourism has opened a centre to offer after-hours services for tourism businesses and guide registration. 

The new office is located at Centre Point of Siam Square (formerly Digital Gateway Plaza) in the heart of Bangkok. 

The new service centre is open daily from 3pm to 7pm on weekdays and from 10am to 7pm on weekends, said Wanasiri Morakul, and acting director-general of the Tourism Department. The service centre provides three main services. 

The first is registration of new tourism businesses, renewals of two-year tourism business licences, requests for new copies of licences in case of loss or damage, and amendments to registration information including changes of address or opening of new branches.