Fund Helps Canned Rice Maker in Thailand Become Major Exporter.

Byline: Busrin Treerapongpichit

Jul. 27--After struggling to seek a business partner for years, Albatross Co, the producer of Khun Perm brand canned rice, has succeeded in obtaining support from the SMEs Venture Capital Fund for its plan to become a major food exporter.

The company had previously negotiated with the SC Asset Group, the real-estate arm of Shin Corporation, for financial support, but made little progress.

Set up before the economic crisis with capital of 15 million baht, Albatross had also sought between five million and eight million baht in loans from financial institutions and the state-run Small Industry Finance Corporation, said managing director Permphan Neowakul.

Four months ago, he was contacted by the fund to consider its proposal for a joint venture. Under the proposal, the fund will acquire a 40 percent stake in Albatross, which requires a total investment of eight million baht.

It will hold the stake until the company is strong enough to be listed on the Market for Alternative Investment, which is expected to take three to five years.

Some of the fresh funds will be used to convert the company's debts totalling five million baht into equity and the rest to develop products and promote brand awareness in foreign markets such as the European Union, the United States, Japan, Hong Kong and Australia.