Thai Debt Collector JMT forays into micro-finance biz in Myanmar Thai Debt Collector JMT forays into micro-finance biz in Myanmar

Thai Debt Collector JMT forays into micro-finance biz in Myanmar

Thai Debt Collector JMT forays into micro-finance biz in Myanmar

JMT Network Services (JMT), a Thai-listed debt collector, will form a joint venture – JP Finance Co Ltd – with its partners, to operate a microfinance business in Myanmar. This was approved by the company’s board of directors recently.

According to the local online news infoquest, the new company starts with a registered capital of 600 billion kyat ($571,428), divided into two million shares with a par value of 300 kyat. JMT will own 1.4 million shares, equivalent to 70 per cent of total registered capital.

DEALSTREETASIA contacted JMT’s chief executive officer Piya Pong-Acha today, who refused to give further details about the deal.

Three months ago, JMT has set up a wholly-owned subsidiary JMT Plus Co Ltd to specifically run the finance business in Thailand. This Myanmar joint venture is the company’s first expansion of finance business into other countries.

Pong-Acha told the media that the company is focussing  on finance business as the demand for it, both in Thailand and the neighbouring countries, has been on the rise.

JMT, which is a subsidiary of the country’s leading mobile phone retailer Jay Mart, plans to access the retailer’s large customer base nationwide, for its new business.

He said that the company plans to invest heavily and expand the finance business in the next two years, listing JMT Plus on Thai bourse in the following year. “I expect that JMT Plus will grow aggressively and make profit. It should account for at least 15 per cent of JMT’s profit,” he added.

The company is providing four financing products including, personal loan, car leasing, nano finance and hire purchase loan.

In the first year, it targets to provide 200 million baht for personal loans and plans to focus more on car leasing in 2016.

Source: DealStreetAsia

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