- TK has been awarded a Leasing license by Bank of Lao P.D.R (National Bank of Lao) to establish Sabaidee Leasing
Thitikorn Plc. “TK”, Thailand’s leading motorcycle hire purchase provider, has set up a new subsidiary, “Sabaidee Leasing”, in Laos since its leasing license has been approved by Bank of Lao P.D.R. to providing leasing to both motorcycle and automobile in Laos. TK was recently started its operation in Cambodia under “Suosdey Finance Plc.
Miss Prathama Phornprapha, Managing Director of TK, reported that the Board of Directors approved to set up TK latest subsidiary, “Sabaidee Leasing”, in Laos to provide leasing services to both motorcycle and automobile to Lao customers. It is the second subsidiary of TK within AEC, after TK had been awarded License to carry out Financial Leasing Business from National Bank of Cambodia and established “Suosdey Finance Plc.” to provide leasing services to both motorcycle and automobile to Cambodian customers.
TK had conducted a study in several countries within the region as part of its strategy plan to expand in AEC and long term growth of the Company. Moreover, it is great timing for TK since AEC will be commence at the end of next year, and both countries and a great potential and high growth rate. Prathama also added that Sabaidee in Lao and Suosdey in Cambodian mean Sawadee in Thai.
She reported that “Sabaidee Leasing” will have registered capital of 21 MB while “Suosdey Finance Plc.” in Cambodia will have registered capital of 3 MB. Both companies already have more than 20 employees right now and will increase to 50 employees by the end of next year.
“An Official hand over of Leasing License from Bank of Lao P.D.R will take place within November” said Prathama.
Both domestic motorcycle and automobile monthly sales continued to decline for 17 consecutive months. Motorcycle sales for the first nine months was 1,324,131 units, decreased 16.8% compared to the same period last year, while automobiles sales was 648,410 units, decreased 37.3% compared to the same period last year. TK net hire-purchase receivable outstanding for the first nine months was 8,195.6 MB, decrease 9.5% compared the end of 2013 due to domestic economy slowdown for the last 6 quarters, and however, TK expected that fourth quarter of this year will start to improve. TK net profit for the third quarter was 42.2 MB a big increase from the previous quarter and for the first nine months TK net profit was 117.5 MB, decreased 68.9% but TK will increase its manpower for the expansion in 2015.