Ichitan Group, the country's second-largest green tea producer, plans to expand to neighbouring Asean countries ahead of the formation of the Asean Economic Community in 2016.The company is studying building a factory in Myanmar and Vietnam to sell green tea in regional markets. The investment budget would come from both bank loans and its planned initial public offering (IPO),said president and CEO Tan Passakornnatee. Ichitan signed a 1.9-billion-baht loan contract yesterday with CIMB Thai Bank (CIMBT). The credit facilities will be used to expand production capacity to 1 billion bottles of green tea per year, up from 600 million now. The expansion is expected to be completed in the first quarter next year, raising sales from 4.5 billion baht per year to 10 billion within five years, he said.
Ichitan Group, the country's second-largest green tea producer, plans to expand to neighbouring Asean countries ahead of the formation of the Asean Economic Community in 2016.The company is studying building a factory in Myanmar and Vietnam to sell green tea in regional markets. The investment budget would come from both bank loans and its planned initial public offering (IPO),said president and CEO Tan Passakornnatee. Ichitan signed a 1.9-billion-baht loan contract yesterday with CIMB Thai Bank (CIMBT). The credit facilities will be used to expand production capacity to 1 billion bottles of green tea per year, up from 600 million now. The expansion is expected to be completed in the first quarter next year, raising sales from 4.5 billion baht per year to 10 billion within five years, he said.
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