BAM presented its achievement of more than 8 billion baht revenuein the first half of 2013

           BAM presented its achievement in cash collection of 8,589 million baht and the net profit was 2,286 million baht in the first half of 2013, then it was expected to meet the target at annual revenue of 13,735 million baht. In the first half, BAM has purchased and received NPL and NPA in total value of 17,006.53 million baht from financial institutes for its management. The strategy for the second half would be to arrange the activities to boost its sales to meet the target and prompt for listing on the stock exchange of Thailand after receiving the FA study in next 3 months.

          Mr. Krit Sesavej, the President of Bangkok Commercial Asset Management Co.,Ltd. (BAM), revealed that BAM’s performance of the first half of 2013 (January, 2013 – June, 2013) was satisfying. The revenue from debt restructuring and sales of NPA had integral value of 8,589 million baht, or equivalent to 63% of the target at 13,735 million baht, and the net profit was 2,286 million baht. Regarding BAM’s operation in the first half of 2013, the asset size was increased by purchasing of non-performing loans (NPL) and non-performing assets (NPA) from financial institutes, totally 17,006.53 million baht. Currently, BAM owned 70,918 items of NPL with value of 392,628 million baht and 11,804 items of the NPA with value of 37,095 million baht.

          The President of BAM also revealed about the marketing plan for the second half of 2013 that BAM would focus on selling of non-performing assets (NPA). To implement this plan, BAM arranged “BAM NPA Grand Sale” during August 20 – 26, 2013. This activity was held by arranging the booths in top department stores in 24 provinces. In Bangkok, during August 22 – 25, 2013, BAM arranged a booth in NPA Grand Sale 2013 at Queen Sirikit National Convention Center (QSNCC) and selected 322 items of great assets in good locations, especially single houses and vacant land, with the value of 3,826 million baht for sales.

           In addition, in October 2013, BAM had prepared 20 items of investment properties at the amount of 1,500 million baht for the 3rd bidding to focus on individual group. The 1st bidding was held in March 2013 with 22 items of properties and total bidding value was 321.61 million baht. Later, the 2nd bidding was held in June 2013 with 15 items of properties and total bidding value was 1,076.42 million baht. The outstanding assets for sales in October 2013 were, for example; the land of 55-3-27 rai in Pornanan project, Liapklongchonlaprathan road, Bangbuathong, Nonthaburi; the land of 7-3-19 rai in Bangkok Garden project, Ban Bangsaothong- Ban Klongnangtim road separated from Bangna-Trad road KM. 26; the land of 6-1-03 rai on Pathumthani-Samkok road; and the land of 9-3-54 rai in Sinbodi project, Bangbuathong, Nonthaburi.

          To complete the process of privatization and listing on the Stock Exchange of Thailand (SET), the President of BAM said that BAM has entered into the Financial Advisors’ Agreement to hire Trinity Securities Co., Ltd. and its co-advisors, who are Kasikorn Securities Public Co., Ltd. and UBS AG, as the financial advisors to proceed for the listing of BAM’s shares on SET. After appointment of the financial advisors, the advisors would start studying the details for creating strategic plan, including number of shares for sale, suitable period for privatization, the process of share allocation, and the benefit from selling of shares. Totally, it required around 3 months for completion of all processes. It was considered that the listing of shares on SET could support BAM’s flexibility in funding without being the government’s burden and increase business competency which could be the benefits for the company and its shareholders in the future.