CIMB Group supports C.P. Group’s expansion of rice business in ASEAN
a joint venture company between Charoen Pokphand Group and Soma Group,to support construction of rice mill targeting European markets
CIMB Thai Bankattended the signing ceremony of the credit facilities agreement between CIMB Bank Berhad, Labuan Offshore Branch, Malaysiaand Apsara Rice (Cambodia) Co., Ltd., a joint venture companybetween Charoen Pokphand Group and Soma Group. The total credit facilities are USD 26.5 million to support both the rice mill construction and working capital requirement.
Mr. Subhak Siwaraksa, President and CEO ofCIMB Thai Bank said that it was a pleasure that CIMB Thai can leverage thestrength of our CIMB network to serve andsupportour Thai client to open new markets in ASEAN, in line with our vision of 'ASEAN For You'.
CIMB Thai has referred Apsara Rice (Cambodia) Co.,Ltd., a joint venture between Charoen Pokphand Group and Soma Group, to CIMB Bank Berhad, Labuan Offshore Branch in Malaysia, a member of CIMB Group,for thecredit facilities totaling USD 26.5 million, comprising of long-term loan andrevolving credit, to support its rice milling and refining construction project.
"Being entrusted by CP Groupto provide financial services and network connection is a remarkable milestone for CIMB Thai that prove our readiness toextend our service boundary to accommodate Thai corporates aspiring to capture business opportunities in Cambodia as well as other ASEAN countries. The collaboration between CIMB and CP Group has been fostered for some time, and both parties are still learning how to best optimize the benefits and opportunities from ASEAN Economic Community (AEC), which shall result in easing rules and regulations for doing cross-border business in the future," said Mr. Subhak.
Mr. BoonkiatWongcharoensangsiri, Chief Executive Officer of Apsara Rice (Cambodia) Co., Ltd.shared thatApsara Rice (Cambodia) was established in 2014 under a joint venture agreementbetween Charoen Pokphand Group and Soma Groupwho engages in agriculture, education and infrastructure businesses. The credit facilities from CIMB Group will be used to support a rice mill construction in Kampong Speu, Cambodia.This plant will be equipped withthe advancedproduction technologyfrom paddy drying to rice milling and quality improvement in orderto achievethe Cambodian fragrant rice that meet theinternational export standards. We expectto attaina production capacityof300,000 tons per year, and will market the products under 'Royal Mongkut' brand in the world exports with particular focus in European markets.
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