Wichit Phayuhanaveechai, MD of SCAP revealed that: "We predict that the 2021 economic outlook will gradually recover after the COVID-19 situation begins to unravel. This challenging time creates great opportunities for SCAP to seek new business opportunity. The key strategy to strengthen the business operations and secure sustainable growth is to combine the existing retail lending businesses with the hire-purchase loan businesses. Surprisingly, as many industries have faced downturns during the prolonged pandemic, S Leasing which offers new motorcycle hire-purchase loans on the other hand, has enjoyed remarkable high growth. As of the end of December 2020, the amount of new motorcycle hire-purchase loans approved are significantly grown for more than 400%, while the total outstanding receivables has surpassed the target by over 300%."
Wichit further stated: "This impressive growth against all odds has captured SAWAD attention. And as the major shareholder of SCAP, SAWAD has decided to grant SCAP in purchasing a 90% stake in S Leasing with an additional investment of 42.5 million baht. SAWAD also appointed me as the Managing Director of S Leasing and the appointment will officially become effective from March 31, 2021 onwards. This possession will further strengthen SCAP financial products in terms of existing un-secured loan products and hire-purchase loan products. Kicking off with the new loan services for the automobile sector, I'm confident that it will enhance our potential and capability to become the industry leader of-fering one of the most integrated and inclusive retail loan services for wider customer segments."
"The continuous growth of S Leasing's business has shown such positive signs. This full integration would be beneficial for SCAP to enlarge S Leasing's strengths as well as to help boost mar-ket share in the motorcycle hire-purchase loan services. In addition, as the MD of S Leasing, I am de-termined to give precedence to these services by offering a full-fledged motorcycle loan services to ex-pand customer base covering all segments. Furthermore, S Leasing will set up networks in key provinces nationwide to facilitate all of our customers' needs. Our goals are not only to pursue a substantial profit, but also to grow sustainably and to build the confidence amongst the investors. Imminently, we plan to be on the Stock Exchange of Thailand listing" said Wichit.
S Leasing Company Limited was established on April 9, 2020 with a registered capital of 50 million baht. On March 31, 2021, a SET-listed Srisawad Corporation Public Company Limited or SAWAD has granted the acquisition of SCAP as a major shareholder of S Leasing Co., Ltd. with a 90% stake in to-tal.
S Leasing Co., Ltd. is a provider of motorcycle hire-purchase loan service for retail customers both individual and juristic persons. The company offers the hire-purchase loan products for those who wish to possess motorcycles in usage of their benefits. S Leasing Co., Ltd. is committed to serving all customers with fairness and accuracy in all forms.
About SCAP
Srisawad Capital Company Limited (SCAP) was registered on May 21, 2019 with a registered capital of 50 million baht. On November 30, 2020, Srisawad Corporation Public Company Limited (SAWAD), a Thai Stock Exchange listing company has increased the capital of SCAP, making SCAP to have a total registered capital of 300 million baht. SAWAD is currently the major shareholder with a 65% stake.
As a financial institution, SCAP mainly provides unsecured loan services for both individual and juristic persons. To date, the company offers unsecured personal credit services focusing on the convenience and needs of customers. SCAP purchase of S Leasing Company Limited will help shape the organiza-tion to become a complete hire-purchase loan provider on March 31, 2021 with a 90% stake. Concur-rently, S Leasing targets to be listed in the Stock Exchange of Thailand by broaden customer base, ex-pand service key points across the nation, grow profitable businesses, as well as boost investor confi-dence.
Source: Srisawad Corporation