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Tuesday, July 10, 2007

Glomac asked to build warehouses in Thailand

Property developer Glomac Bhd has received offers from several multinational companies (MNCs) involved in the automotive and pharmaceutical sectors to build more warehouse and distribution centres in Thailand.

Group managing director Datuk Fateh Iskandar Tan Sri Mansor said the offers came in the wake of the successful completion of the RM110 million warehouse near the Bangna-Trad highway in the Samutprakarn province here.

“The logistics and distribution businesses are picking up in Thailand, especially those near the Suvarnabhumi Airport. Several MNCs we met have asked us whether we can build such facilities for them,” he said after the opening of the warehouse here today.

Also present were the deputy governor of Samutprakarn province, Kamtorn Tavornsatit, Glomac group executive chairman and chief executive officer Tan Sri Mansor Fateh Din and WHA Glomac Alliance chairman Somyos Anantaprayoon.

The 55,000 sq m warehouse was built by WHA Glomac Alliance, which is 49 per cent owned by Glomac and 51 per cent by WHA Holding Co Ltd, a leading Thai company in warehousing and logistics services.

The company has signed a lease agreement with renowned international pharmaceutical company Diethelm Ltd for 15 years.

Thailand is the second overseas venture for Glomac after Australia.

Fateh said although Glomac is exploring the possibility of expanding the warehouse business, the idea is still being discussed due to the sudden rise in land prices in the areas which are closer to the Suvarnabhumi Airport.

“We have to be very sure when doing business overseas although we were successful with the first project here. We will look at the proposals and do feasibility studies,” he added.

Fateh also said the company is ready to sell the warehouse if the price is right.

“We are not sentimental about buildings. If there is an appreciation of 20 to 30 per cent, we will sell,” he said.

With the experience gained here, Fateh said, Glomac will also look at the possibility of building warehouse and logistics centres in Malaysia.

Diethelm general manager for healthcare Bernd Lepper said the warehouse, the company’s biggest in Southeast Asia, will be used as a distribution centre for Thailand as well as other countries in the region like Laos, Myanmar and Cambodia.

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