A leading Thai advertising company, Chuo Senko (Thailand) Public Co Ltd, has established two new indirect subsidiaries in Myanmar since February of this year.
In an effort to expand its operations in the neighbouring country, the company has formed two subsidiaries, Red Bull Co Ltd and Chilli Advertising Co Ltd, in Yangon.
The establishment of the new subsidiaries follows a resolution by the firm’s management committee at a meeting held on Tuesday, Chuo Senko said in a filing to the Stock Exchange of Thailand.
Both subsidiaries, which aim to provide advertising services in the blooming Southeast Asian country, are planned to start operating in December of this year.
The advertising giant will invest US $50,000 (equivalent to Bt 1.58 million, or Ks 48.7 million) in each of the subsidiaries while Ad Asia Singapore Pte Ltd, which is 100-percent owned by Chuo Senko Dynamics Co Ltd (ROH), holds the total shares in these subsidiaries.
“The source of funding for the two subsidiaries established in Myanmar derived from the cash flow of Ad Asia Singapore Pte Ltd,” said Kiichi Okuyama, director and chief financial officer of Chuo Senko (Thailand).
Myanmar is the latest country to join Chuo Senko’s network, which already includes Vietnam, Malaysia, Cambodia, Indonesia and Thailand. The Yangon-based units are expected to generate profits next year, according to previous reports.
Source: ELEVEN Myanmar
