SuperRich firm on MAI listing

"The proceeds from the stock market will help increase the cashflow at our outlets to Bt500 million per day from Bt100 million per day at present.

"Cashflow will be more sufficient if we have to expand the number of money exchange outlets in the provinces, especially those close to neighbouring countries and in special economic zones," president Piya Tantivachyanon said yesterday.

Piya, a second generation member of the family that founded the company in 1965, said he wants to upgrade the image of company to be more international and that the listing will help fulfil that vision.

Aira Capital, a holding company listed in Thailand, has reportedly said it is negotiating with SuperRich to acquire a stake of more than 50 per cent and take the company public this year.

Piya said talks are still ongoing but the company prefers staying as the majority owner.

The company plans to list on the MAI within three years to raise its registered capital to between Bt200 million and Bt300 million from Bt50 million at present.

To prepare for the listing, the company has changed its brand to "SPR SuperRich", as SPR will be its ticker symbol.

Many money exchangers use the SuperRich logo in various colours, so the company needs to strengthen its brand identity.

UK?branch

The company has 30 branches, including SuperRich UK in the United Kingdom.

It will add 10 branches this year, including one each in the provinces of Nong Khai, Mukdahan and Ubon Ratchathani.

The company is keen on running branches in other Asean countries but the regulations in some do not allow foreign companies to set up a money exchanges, so now Thai border provinces are the priority.

The company is open to partners especially from the financial industry to help strengthen its money exchange business because it hopes to adopt new technology to increase convenience in its services. Some examples are online booking and automatic money exchange machines.

The Asean Economic Community is bringing opportunities to money exchangers because the region is attracting more businesspeople and tourists.

Having more branches will drive the company’s foreign exchange value by 10-15 per cent this year.

Tourism a boon

Last year’s tourism boom was a boon to money exchangers. SuperRich alone exchanged Bt12.5 billion compared to Bt11 billion the year before. Around 30 per cent of SuperRich’s customers are foreigners, mainly Europeans and Americans.

The US dollar remained the most traded currency. The Japanese yen was next, thanks to Japan’s position as the number-one destination for Thai tourists.