Since last year, AEONTS has expanded its business both domestic and overseas by acquired 99.99% of two insurance brokers, and one debt collection service as well as established new wholly owned subsidiaries in Laos and Myanmar. AEONTS also increased branded awareness by issued a platinum co-branded card with Thai Airways International Plc. and also raised 5 Billion Baht cross boarder syndicated loans in November last year to support business expansion.
Currently, AEONTS reported the resolutions passed at the meeting of the Board of Directors No. 2/2013, held on March 26, 2013 as follows,
1. Amalgamation on two insurance brokers
AEONTS has amalgamated two insurance subsidiaries, 99.99% owned by AEONTS, ACS Insurance Broker (Thailand) Co., Ltd. (hereafter, “ACSB”) and ACS Life Insurance Broker (Thailand) Co., Ltd. (hereafter, “ACSL”). The new company will be named AEON Insurance Service (Thailand) Co., Ltd. (hereafter, “NewCo”) which the main business objective is to carry on business of non-life insurance broker and life insurance broker. The benefits of amalgamation of ACSB and ACSL will create strong image of insurance service business and also receive a good perception from customers. This will also reduce redundant operating costs and strengthen its competitive edge. Upon the completion of the amalgamation, AEONTS will hold 99.99% in NewCo.
2. Capital Injection in Cambodia
AEONTS has injected an additional investment in Company’s subsidiary, AEON Microfinance (Cambodia) Private Company Limited (hereafter, “AEON Cambodia”) with the capital injection of USD 3 million or approximately 89.4 million baht and still maintain 100% of shareholding. AEON Cambodia operates a retail finance business in Cambodia, established in October 2011. It is now under the process of business expansion in high potential market. The capital injection shall be used for current borrowing repayment and investment in system development as well as branch network for further business expansion.
Mr. Daisuke Maeda (Left, Managing Director of AEON Microfinance (Cambodia) Private Company Limited), Mr. Yasuhiko Kondo (Center, Managing Director of AEON Thana Sinsap (Thailand) Plc.), Mr. Sakarabhop Dhivarakara (Right, Managing Director of both ACS Insurance Broker (Thailand) Co., Ltd. and ACS Life Insurance Broker (Thailand) Co., Ltd.)