Top Thai firms spreading footprint overseas
A number of major Thai companies are continuing to increase their presence overseas thanks to emerging market and acquisition opportunities.
Minor International, one of largest hospitality companies in the Asia-Pacific region, is set to build more hotels and restaurants globally, while Bumrungrad International Hospital is also pushing its high-end service in foreign markets.
Thai Union Frozen Products is eyeing acquisition opportunities in the United States.
William Heinecke, chief executive officer of Minor International, said the group was looking at a number of overseas expansion opportunities including in Africa. He said Minor would open hotels in Zambia, Namibia, Botswana, Lesotho and South Africa.
He said Thailand was a great country for investment and he believed that despite the political instability the Kingdom had faced over the years, it would provide good returns for the company.
40% of total revenue
By 2018, Minor plans to increase the number of its hotels from 160 to 200 and have 500 timeshare units, 1,600 restaurants, and 350 shops.
By the same year, it is targeting overseas ventures to contribute more than 40 per cent of its total revenue and more than half of its net profit.
Dennis Brown, corporate chief executive of Bumrungrad International Hospital, said the facility had decided to do business overseas to survive.
He said the hospital started importing patients to Thailand in 1997 as domestic demand softened. Now, it offers many sub-specialised services and can no longer afford to be only a domestic company.
Bumrungrad’s largest market outside Thailand is Myanmar, which accounts for 7 per cent of its total revenue.
Brown said Bumrungrad’s strategy was to improve it overseas channel in order to bring business back to Bangkok. For an example, it made an investment in Mongolia for medical services not available in that country.
