Thai financial firm Srisawad Corporation is looking to acquire ALC I, a financial leasing company wholly-owned by state-run bank Agribank while Hong Kong-based Kerry Logistics has established a joint venture with E-Services Group to strengthen its global e-commerce fulfillment capabilities, especially in China.
Thai Srisawad Corporation eyes Agribank’s financial arm
Srisawad Corporation, a Thai financial services company, is looking to acquire ALC I, a financial leasing company wholly-owned by State-run bank Agribank, for an estimated VND500 billion ($21.5 million), according to local media.
This deal is still pending the decision of the State Bank of Vietnam (SBV). The authority stated that Srisawad Corporation’s proposal will be processed after the ALC I restructuring plan is approved according to regulations.
Agribank and Srisawad earlier signed a memorandum of understanding (MoU) on the deal.
The total value of the deal was estimated at VND 523 billion, including 100 per cent of ALC I’s charter capital (VND 200 billion) and 100 per cent of the original debt of ALC I borrowed from Agribank (VND 323 billion) at the time of signing the MoU.
In 2017, Agribank announced the sale of ALCI company and invited investors to acquire ALCI. As of the end of the year, ALC I recorded accumulating losses of more than VND714 billion and liabilities of VND394 billion, according to financial statements of Agribank.
Kerry Logistics and E-Services Group establish a JV
Hong Kong-based Kerry Logistics has established a joint venture with E-Services Group, an international e-commerce company in Asia, to strengthen its global e-commerce fulfillment capabilities, especially in China.
According to an official release, the JV, named Kerry ESG, will combine Kerry Logistics’ global supply chain capabilities with ESG’s technology platform to offer retailers cost-efficient solutions internationally, focusing on increasing cross-border retail sales in Asia.
Kerry ESG will increase e-commerce fulfillment in Hong Kong, mainland China and Taiwan, as well as the 10 member nations of Southeast Asian including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar (Burma) Philippines, Singapore, Thailand and Vietnam.
“This partnership gives e-tailers access to an extensive distribution network to support e-commerce fulfillment in every market and with every online channel,” said Alan Lim, founder and chief executive officer at ESG.
Kerry Logistics has identified cross-border e-commerce, particularly between Greater China and ASEAN, as a major growth sector, it said in the release.
The new partnership with ESG, which is the official partner of leading marketplaces including JD.id, Rakuten, and Newegg.com, will play a pivotal role in strengthening the foothold that the two companies have in this area.