Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Thursday, 13 October 2016, 16:00 HKT/SGT
Share:
    

Source: Group Lease PCL
GL Partners AMK's U Aung Moe Kyaw, Others in Major Myanmar Expansion

BANGKOK, Oct 13, 2016 - (ACN Newswire) - SET-listed digital finance firm Group Lease PCL ("GL", SET:GL) is taking another important strategic move by partnering with U Aung Moe Kyaw and other investors at AMK Consortium to launch a major expansion of financial services in Myanmar.

Under the new partnership, GL will set up a joint venture company with AMK Consortium. This joint venture will support Century Finance Company Limited, a Myanmar finance company owned by AMK, to provide a broad range of financial services to the booming Myanmar markets, especially for people in the rural countryside.

GL, through its holding company in Singapore GL Holdings (GLH), will hold 57% in the new JV company while AMK Consortium will take up the other 43%. The new company is expected to be established by the end of this year or in early 2017.

"We are very pleased to enter into this collaboration with U Aung Moe Kyaw and his partners," GL Chairman & Chief Executive Officer Mr. Mitsuji Konoshita stated at a MOU Signing Ceremony with U Aung Moe Kyaw in Bangkok on October 13. "This is a win-win partnership because our expertise and efficiency in digital finance will combine and complement with U Aung Moe Kyaw's extensive network throughout Myanmar," he added.

According to GL's official filing with the SET on October 13, AMK Consortium is currently controlling approximately 65% in the whisky distribution and managing more than 22,000 grocery shops in Myanmar, including 1,400 wholesale shops, some of which are already operating pawnshop businesses. This distribution network is the biggest in Myanmar in terms of number of outlets, which will perfectly match with GL's digital finance platform.

Mr. Konoshita noted that as GL has already proven in Cambodia with True Money, GL's digital finance business model is the only model that can utilize 100% benefits from AMK Consortium's extensive agents network.

Therefore, the business model in Myanmar will be a mixture of the 'Channeling Services' model in Indonesia where GL partners with Bank JT and the 'Agent' model in Cambodia with True Money. "These business models are quite new, unique and innovative. Combining them together, we shall be able to effectively provide a wide range of financial services for the benefits of the Myanmar people, especially those in the rural grassroots areas," Mr. Konoshita stated.

Century Finance, one of Myanmar's 15 non-bank finance companies licensed by the Myanmar central bank, currently provides car leasing services.

With GL's expertise and support, its range of financial services will now broaden to cover the leasing of motorcycles, agricultural machinery and solar panels and other consumer finance credit under 'channeling services' managed and provided by the new joint venture company.

GL's latest partnership with AMK Consortium comes after its recent take-over of BG Myanmar Microfinance (BGMM). The new joint venture company, therefore, completes the full range of financial services and products that will be offered to the Myanmar markets - from small microfinance loans through BGMM to big-ticket items like rice-harvesting machines through Century Finance.

The full-scale expansion into Myanmar comes in the face of a booming local economy following the lifting of US economic sanctions after extensive local political reforms. For GL, the latest partnership with AMK Consortium has also come following its successful expansion from its home base in Thailand into neighboring Cambodia, Laos, Indonesia and Sri Lanka.

The successful expansion has resulted in steadily increasing revenue and profitability. For instance, its Q2 net profits of 255.85 million baht nearly doubled from the same period last year and represented the seventh consecutive quarter of new record highs. Company executives have expressed confidence that profits will continue to scale new heights in the medium and longer-term future.


About Group Lease PCL

Group Lease Public Company Limited was established on 6th May 1986 and listed on the Stock Exchange of Thailand in 2004 (SET:GL). The company has expertise in hire-purchase of motorcycles, as it has been in the motorcycle leasing business for over 20 years, with motorcycle brands for financing including Honda, Yamaha, Suzuki, Kawasaki.

In 2007, the APF group became the major shareholder holding around 65% of total shares. In 2012, GL announced a long-term business plan to become the leading finance company in the Southeast Asian region. To do so, GL formed Group Lease Holdings Pte. Ltd. (GLH), a Singapore holding company, as headquarters for its expansion in other countries. For more information, please visit www.grouplease.co.th.

Contact:
Distributed for Group Lease Public Company Limited
by M T Multimedia Co., Ltd.
Orn-anong ("Fah") Pattaravejkul
Tel: +66-2-612-2081 #129
Mobile: +66-86-884-4458
E-mail: ornanong.p@mtmultimedia.com
Website: www.mtmultimedia.com


Oct 13, 2016 16:00 HKT/SGT
Source: Group Lease PCL

Topic: Press release summary
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2017 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



Group Lease PCL
Aug 28, 2017 16:00 HKT/SGT
Group Lease PCL (SET:GL) Reports Pre-payment from Cyprus Borrowers
Aug 17, 2017 11:30 HKT/SGT
Group Lease PCL (SET:GL) Q2 Profits Hit New High
May 15, 2017 14:00 HKT/SGT
Group Lease PCL (SET:GL) Reports Impressive Q1 Results
Mar 1, 2017 11:00 HKT/SGT
Group Lease PCL (SET:GL) Sets up Financial Services Hub in Cyprus
Feb 14, 2017 18:40 HKT/SGT
Group Lease PCL (SET:GL) Q4/16 Profits Break New High
Jan 4, 2017 17:50 HKT/SGT
Group Lease PCL (SET:GL) Expanding to 20 Countries in 2017
Dec 7, 2016 15:30 HKT/SGT
GL (SET:GL) Key Regional Investment Plans Get Shareholders' Green Light
Nov 28, 2016 19:00 HKT/SGT
GL's Great Leap Forward
Nov 14, 2016 12:50 HKT/SGT
GL Shows New Record-High Q3 Profits, Expects Even Stronger Growth in Q4
Oct 3, 2016 16:00 HKT/SGT
Group Lease PCL (SET:GL) Acquires 29.99% in Leading Sri Lanka Finance Firm
More news >>
 News Alerts
Copyright © 2017 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 10 8405 3688 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: