Bangkok--12 Mar--Master Mind Communications
IFS Capital (Thailand) Limited plans to become Thailand’s leading provider of factoring services following the share acquisition of Ayudhya International Factors Co., Ltd. by IFS Capital Holding (Thailand) Limited. The company also appoints Seamico Securities Public Company Limited as financial advisor to handle preparation necessary in seeking stock listing, planned during the fourth quarter of this year. The company’s CEO reveals that new shareholding structure with existing management team will increase versatility and capability in developing new products and services, while maintaining strength in releasing up to 90% of the loan within 24 hours after approval.
Ayudhya International Factors Co., Ltd. was renamed as IFS Capital (Thailand) Limited on February 19 this year following the acquisition by IFS Capital Holdings (Thailand) Limited from the Bank of Ayudhya Public Company Limited on January 31, 2007, according to Mr. Tan Ley Yen, IFS Capital (Thailand)’s Chief Executive Officer.
“The management team, however, with over 15 years of experience, will remain unchanged in order to create a credit standard and a heightened sense of stability to instill confidence in business operators and investors, both domestic and foreign” Mr. Tan said.
Currently, IFS Capital (Thailand) offers factoring services which are short-term loans that provide instant liquidity to the business by means of buying clients accounts receivable within the country and exports. Other services also include leasing and hire purchases for small, medium, and large companies to allow the client’s greater liquidity, necessary in expanding a business and remaining versatile.
“IFS Group is an established financial services group involved in commercial finance, credit insurance, bonds and guarantees, structured finance, as well as a venture capitalist. Incorporated in Singapore, the group is well-recognized at the international level.
The use of the name IFS for offering factoring services in Thailand will further enhance and reflect the expertise of the group in regards to financial services,” Mr. Tan stated, adding that the move to aggressively take on the market was part of the plan to become the leader in factoring services and secure a listing on the Stock Exchange of Thailand (SET) by the fourth quarter of 2007. Seamico Securities has been appointed financial advisor to handle stock listing preparations.
“In addition, the change in the shareholder structure of IFS Capital (Thailand) will also enable the company to provide financial services with greater flexibility. Aside from their main service, IFS Capital (Thailand) has many alternate services to offer that meet the requirements of clients, such as: Leasing /Hire-Purchase; Confirming L/C T/R Line; Inventory Financing, Contract Financing; Floor Plan; Block Discounting Line and so on,” he explained.
“We are also skilled in being able to offer a company credit within days. Upon receiving the application form, IFS is able to approve the application within 7-10 days, after which IFS will transfer up to 90% of the promised amount within 24 hours of the date of approval” Mr. Tan stated.
IFS Capital, the parent company of IFS Capital (Thailand) is listed on the main board of the Singapore Exchange and is majority held by Phillip Capital Group, a leading provider of financial and securities services, as well as managing mutual funds in over 11 countries in Europe and Asia with over 2,000 expert personnel. IFS Capital comprises 8 separate companies that provide factoring services throughout the ASEAN area, mainly: Singapore, Thailand, Malaysia and Indonesia. IFS Capital (Thailand) was formerly a joint venture between Bank of Ayudhya and IFS Capital (Singapore).
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