Wednesday, July 4, 2012

Copperwired plans listing, new stores

Copperwired, an IT retailer, intends to list on the Stock Exchange of Thailand next year to prepare for the advent of the Asean Economic Community (AEC).

The proceeds from the offering will be used to increase sales of IT accessories, mobile devices and electronic gadgets.

"We aim to become the region's leading lifestyle shop by 2015," said Narong Intanate, the founder of Vnet Capital, which owns 57% of Copperwired.

The overall value of the mobile device and IT accessory market in Thailand is estimated at 30-50 billion baht per year, Mr Narong said.

The rising sales of mobile devices plays a vital role in boosting the sales of IT accessories.

"This enhances our shop's prosperity as those devices require a specialised IT shop to demonstrate products for customers," he said.

Mr Narong said Copperwired hopes to list on the stock market by the end of this year or early 2013. The company expects to increase capital by 25-30%.

Copperwired will list itself as a constituent in the commerce sector, not the IT sector, as its business will focus on retail and lifestyle services instead of selling conventional IT products.

After listing on the stock market, the company plans to seek partnerships with other Apple resellers in Asean countries.

Mr Narong said Copperwired aims to spend several hundreds of million baht to increase its branch numbers in Thailand this year.

The company also plans to open at least four shops upcountry, bringing its total to 40 branches.

Copperwired expects 5 billion baht in revenue this year, up from 3.2 billion last year and 300 million in 2008.

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