Jul. 11–Vnet Capital, a venture capital firm run by information technology veteran Narong Intanate, has diversified into the automotive sector with a venture capital fund for small businesses in theauto industry.<\/p>\n
The fund is offered through the newly established Thai Automotive VCF (TVCF), which has paid-up capital of 260 million baht held by four shareholders: JAIC Asia Capital (JAIC), Vnet Capital, SME Bank and Sumitomo Corp.<\/p>\n
Mr Narong said the fund was the first one specifically for the automotive industry in Thailand.<\/p>\n
“Thailand will be the Asian hub of the automotive industry as currently we sell 400,000 cars per year, with [another] 200,000 units for export,” he said.<\/p>\n
Major automotive manufacturers such as Ford, Mitsubishi, Honda and Toyota are also planning to expand their manufacturing bases and research and development in Thailand.<\/p>\n
Mr Narong noted that through the fund, SMEs will have access to technology advice from professional consultants.<\/p>\n
In Thailand, there are around 3,000 automotive SMEs, he said, adding TVCF would invest in eight to 12 companies during the eight-year term of the fund.<\/p>\n
Mr Narong said the investment criteria included companies with up to 200 million baht in fixed assets and fewer than 200 staff. The investment amount is 20-40 million baht, or not more than 15 percent of TVCF’s capital, with no investment for the purpose of exercising control or holding a majority shareholding.<\/p>\n
“We do not invest in start-up companies. Only those with a track record of at least three to five years or those preparing for expansion or listing,” he said.<\/p>\n
If TVCF is successful, the firm will set up similar funds for the food and software industries.<\/p>\n
—–<\/p>\n
To see more of the Bangkok Post, or to subscribe to the newspaper, go to http:\/\/www.bangkokpost.com<\/p>\n
(c) 2003, Bangkok Post, Thailand. Distributed by Knight Ridder\/Tribune Business News.<\/p>\n
F, MMTOF, 7211, HMC, 7267, TM, 7203,<\/p>\n","protected":false},"excerpt":{"rendered":"
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