Kolao dismisses stock exchange listing report
Kolao dismisses stock exchange listing report
Kolao Group, an automotive dealer in Laos, has dismissed a report carried in Thai media, which stated that the group is eying a listing on the Stock Exchange of Thailand.
The Lao-based Korean company issued a statement that dismissed the report, recently published in the Thai media.
“We would like to express our concern that this news was not the truth. We neither have associated nor given the information to that security company as described in the news,” the group said in its statement.
The group added that its area of focus these years is its car factory, which has been operational for over one year in the central Lao province of Savannakhet.
Group President Ms Thavone Vongsombath told the Vientiane Times recently the company has no plan to list on the stock exchange of any country at present.
By being unlisted, this accelerates the decision-making processes, which is currently more suitable for the group in making quicker decisions concerning its current business expansion, the president said.
“We now focus on our car factory,” she added.
The car factory, the first and only car factory in Laos, manufactures and assembles DAEHAN vehicles with Korean and Japanese technology, particularly engines and transmission systems which are imported from the Republic of Korea.
The DAEHAN car factory aims to manufacture and assemble cars for the domestic market, which currently has 88 dealers and after-sale service centres across the nation. Additionally, the group is planning to develop and manufacture engines to be equipped in its future models as well as for export to neighbouring countries, including Myanmar, Vietnam, and Cambodia.
Some of the sample cars have already been exported to Pakistan which is a huge market for the group. The factory manufactures ?ve different models of DAEHAN vehicles, including 1 ton truck SUPER1, DT1, 1.5 ton D150, 2 ton D220 and the pick-up truck EXTREME with significant feedback from customers nationwide. Kolao is gearing up to continue its research and development in pursuing the global brands.
Since starting operations in 1997, the Kolao Group's business now covers 11 main areas including motorbike and automotive dealerships that import Korean-brand Hyandai and Kia vehicles into Laos.
The group's businesses also engage in real estate like building offices for rent, hotels, golf courses, electrical appliances, construction, transportation and agriculture.
