AEC Feed

The governments of Laos and Slovakia have signed an agreement aimed at boosting bilateral business relations and finance cooperation between the two countries. This comes after an official working visit to Laos by a delegation of senior government officials of the Slovak Republic led by the Minister of Finance Peter Kazimir.

The official visit of a Slovakian delegation from January 15-18 for the Laos-Slovak Business Forum aims to enhance friendship and boost economic ties.

As part of its bilateral cooperation efforts, the Lao Ministry of Finance has signed a memorandum of understanding on financial cooperation with the Export-Import Bank of Slovakia.

This move will strongly support the future financial and business ties between the two sides for both the public and |private sectors. – Vientiane Times

Metrobank plans stock rights offering

Philippines’ Metropolitan Bank & Trust Co plans to raise fresh capital to expand its fast-growing loan book, riding on the country’s strong macroeconomic prospects.

In a disclosure to the Philippine Stock Exchange yesterday, the country’s second biggest lender said its board had approved a stock rights offering of up to a maximum of 819.83 million common shares equivalent to the remaining unissued shares from it authorised capital stock.

“Timing and size of the transaction are subject to other details such as the offer price and are subject to receipt of regulatory approvals as well as market and other conditions,” the disclosure said.

Metrobank, which has grown its loan book by over 20 per cent in the last six quarters, believes that the robust growth of the Philippines will continue to loan expansion across the various segments of the economy.

“The capital raising exercise is expected to enable the bank to pursue these business prospects to sustain the loan growth momentum, leveraging on the bank’s sales and distribution network that has rapidly expanded in the preceding years. To that end, the bank intends to focus on enhancing customer experience through digitization initiatives and branch efficiencies,” Metrobank said. – Philippine Daily Inquirer

Work begins on VN-funded market on the border 

Construction has begun on a $2 million Vietnam-funded market located in Tbong Khmum province’s Memot district, about 1 kilometre from the nearest border crossing between Cambodia and Vietnam.

The first-ever border market will likely be dominated by Vietnamese goods, according to Sok Heang, president of the Kampong ChamTbong Khmum Chamber of Commerce, but would also broaden locals’ access to products.

“Our people often cross the border to buy goods in Vietnam because they have more products than us,” Heang said. “When we have better connections to sell goods, it will help people along the border to generate income.”

Cambodian and Vietnamese officials agreed to the market project in July 2016, saying at the time it would promote trade. The finished project is set to occupy 2 hectares of land in the district’s Kandorl village, and should take about 12 months to build, according to Commerce Ministry spokesman Seang Thay. – The Phnom Penh Post