Soured loans: A file picture showing visitors at a tourist destination in Ayutthaya, north of Bangkok. A slow vaccination drive, more virulent coronavirus strains and clusters of outbreaks hinder plans to throw open the US$544bil Thai economy. — AFP
BANGKOK: Just three months after Thailand threw a US$11bil (RM45.70bil) lifeline to businesses struggling to survive the pandemic, a scion of the nation’s wealthiest business dynasty is betting the bailout won’t be enough to stanch a deluge of distressed assets.
Schwin Chiaravanont – whose family controls the 100-year-old Charoen Pokphand (CP) Group – is planning to raise US$500mil (RM2.08bil) for his flagship private-equity venture 9 Basil, which aims to use most of the new money to step up purchases of distressed assets.
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