Jaymart hunts for startups

SET-listed Jaymart Group, a mobile handset distributor, plans to acquire a few tech startups this year, says chief executive Adisak Sukumvitaya.

The move is part of the group’s 7.7-billion-baht investment budget for expansion in 2017.

“Through our newly set-up fintech arm, J Ventures, we plan to see it investing aggressively in tech startups,” Mr Adisak said.

He said the company has talked to more than 10 potential startups and expects to finalise deals with those involved in e-wallet business, peer-to-peer lending and e-commerce.

Jaymart manages business through six subsidiaries: Jaymart Mobile, the handset distribution arm; JMT Network Services, which provides debt management and business loans; JAS Asset, which manages leased retail space in shopping centres and runs the property business; J Capital, a joint venture investment arm in Myanmar; J Fintech (formerly known as JMT Plus), a provider of personal loans; and J Ventures, which develops technology and digital platform services.

Earlier this year, Jaymart agreed to buy a 24.9% stake in Singer Thailand, a leading network of direct sales marketing, service loans and consumer leasing.

Another new business called Jaycamera, a camera distributor, will also be set up soon with 10 sales outlets at first.

Jaymart reported a net profit of 438 million baht in 2016, up 36%, citing debt management and growth in mobile distribution.

JMART shares closed yesterday on the Stock Exchange of Thailand at 17 baht, up 1.20 baht, in trade worth 249 million baht.