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Siam Cement Group

GL to buy Cambodian firm

SET-listed Group Lease Plc (GL) plans to acquire a microfinance company in Cambodia as part of its effort to boost overseas revenue to more than 50% by 2015. GL's chief executive Mitsuji Konoshita said negotiations are nearly finalised and the acquisition will be made through its subsidiary, Singapore-based GL Holding. Should the deal goes through, GL will become the majority shareholder in the Cambodian firm with a 80% stake. The microfinance firm has 2 billion baht in outstanding loans and a customer base of 150,000 accounts. Mr Konoshita said the Cambodian company has no non-performing loans (NPLs), while its net profit increased significantly to about 200 million baht last year. ... Motorcycle leasing is GL's core business in Thailand and Cambodia, but the company aims to have new business from agricultural machinery and microfinance to improve profitability. GL has also joined hands with Siam Cement Group to do finance leasing for Kubota tractors and other agricultural machines for farmers in Cambodia. The new business will kick off this month. Kubota Japan has a policy to separate dealers and leasing firms for tractors in Cambodia, where growth has been rapid in recent years. ... ...

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