Thailand Business Roundup
Bangkok-based IT products mall Pantip Pratunam has collaborated with electronic designer and supplier Synergy Technology to launch Syn Hub, a new co-working space for tech start-ups.
Pantip Pratunam has been renovated into a tech-lifestyle mall, with an investment of 300 million baht. Of this, around 20 million baht has been used to develop Syn Hub containing around 100 seats and covering 300 square metres on the fourth floor.
Sansern Na Patthalung, asset manager at Pantip Plaza, said the number of startups and makers in Thailand has rapidly increased, and Syn Hub would not only serve demand for co-working space but also provide business consultancy and business matching.
Currently, Pantip Pratunam has about 20,000 visitors a day and expects to have more than 35,000 visitors a day by the end of this year.
With total area of 36,000 square metres, half will be dedicated to IT-related shops, 10 per cent for co-working space, 15 per cent for game shops, 10 per cent for gadget shops and 5 per cent for restaurants. Currently, the mall accommodates around 300 IT and gadget shops.
Thailand’s co-working space market has grown rapidly in line with a surging of startups, investors and digital nomads. Amarit Charoenphan, co-founder and chief executive of Hubba, the first co-working space in Thailand, said there were only four co-working spaces in 2012 before it increased to 12 locations in 2013, 20 locations in 2014 and more than 60 locations in 2015.
Food manufacturer Charoen Pokphand Foods (CPF) has acquired an 80 percent stake in Norfolk Foods (Private) Ltd, a Sri Lanka-based ready-to-eat food manufacturer.
The company has the right to acquire the remaining 20 percent from existing shareholders on each second, third, and fourth anniversary of the first transaction date.
Norfolk, incorporated in Sri Lanka in 1994, is into manufacturing and distribution of ready-to-eat food products such as samosa, processed chicken, meat stuffed with cheese and sausages under Crescent trademark.
Thoresen Thai Agencies Pcl (TTA) sold its 49 percent stake in Thoresen Shipping and Logistics Ltd (TSL) to Naxco shipping and Logistics (Thailand) Ltd for 28 million baht.
TSL was established in 2000 as a ship agency in Thailand providing services such as port clearance, berthing, loading and discharging, cargo booking, supplying fuel, water, stores, vessel repairs and crew changes.
Thai financial advisory company Asset Pro Management (APM) is considering the launch of its first private equity fund in Singapore or Hong Kong next year to invest in companies in the pre-initial public offerings (pre-IPO) stages.
The company plans to raise around $50 million-$100 million for the first vehicle, which will focus on investing in food and beverage, energy and logistic firms in Cambodia, Laos, Myanmar and Vietnam.
Apart from Thailand, APM has exposure in Laos since 2010 where it obtained a financial advisory licence in 2014.