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Group Lease setting up financial services hub in Cyprus - The Nation
Cyprus has been chosen as the springboard for GL’s global expansion because of its strategic location. It is a member of the European Union, which is well known for its favourable taxation, legal and financial regimes, making it ideal for GL to use as a centre to raise funds and expand globally, the company says.
The strategic plan on global expansion came after GL achieved historical-high profits of Bt1.06282 billion in 2016, a whopping 82.34-per-cent increase from the year before. GL yesterday (Feb 28) reported its 2016 audited financial statements to the Stock Exchange of Thailand, which were exactly the same as the unaudited numbers filed earlier.
“Our record-high profits, low D/E [debt-to-equity] ratio of only one time and healthy balance sheets will help sustain our expansion globally,” GL chairman and chief executive officer Mitsuji Konoshita said.
The planned expansion to Latin American is on top of earlier plans to expand to African and Eastern European countries.
Konoshita disclosed that GL had recently received a US$30-million (Bt1 billion) credit line from one of the biggest banks in Brazil, which can be used to support mergers and acquisitions or other financial services in Brazil or other countries in Latin America when the opportunities arise.
GL says the
flurry of overseas corporate activities underscore its aggressive strategies to elevate itself into a world-class company after it has successfully expanded from its Thailand base into six other Asian countries, namely Singapore, Cambodia, Laos, Myanmar, Indonesia and Sri Lanka.
Konoshita noted that GL had extended short-term investments and advisory services in Cyprus over the past two years on a trial basis before finally deciding to set up the new company there.
“Now we are sure that Cyprus is the best place to do financial and investment services and even to raise funds globally to support our operations,” he said.
Cyprus is well known as a centre for the extension of investments and financial services into Eastern Europe and Africa because of its efficient taxation and legal regimes as well as favourable tax treaties with a lot of countries all over the world.
“We have decided to establish the investment and financial-services company in Cyprus to accelerate our expansion into Eastern Europe and Africa as we have been contacted by many companies in those countries for collaboration in finance, leasing and micro finance services,” Konoshita said.
He added that the Cyprus company would be set up shortly with an initial capitalisation of about $2 million to $3 million.
Category: Financial services