Hua Seng Heng, gold shop chain, has joined hands with Prasit Srisuwan, the chief executive of Country Group Securities (CGS), to acquire ACL Securities licences from Finansia Syrus Securities.
The deal is expected to be finalised in the next two or three months, and the group will rank in the top five brokerages if it goes through.
Service is the key to success, says Mr Thanarat. WISIT THAMNGERN
Thanarat Possawong, the managing director of Hua Seng Heng Gold Futures, said he believes the Stock Exchange of Thailand's thriving prospects can be attributed to the acquisition.
He said Mr Prasit's clients now contribute 3% of the total market trading value, while Hua Seng Heng has some high-net-worth clients who send trading orders to other brokerages.
Stock trading on the main board has grown rapidly over the past two years, with the average daily trading value earlier this year doubling from last year.
The Thai equity market remains attractive, with investment options including futures and commodities trading.
"The key to success in the securities business is service. I have been in this business for 23 years, so I understand what investors need," he said.
"When the opportunity to become a business owner presented itself, I took it."
Mr Prasit said he met Mr Thanarat while they were in a Capital Market Academy class, an intensive programme for top management supported by the Stock Exchange of Thailand.
A source said the ACL deal could be worth 600 million baht, but both men acknowledged nothing has been finalised.
Mr Prasit started working in equity sales for several brokerages before taking the helm at CGS.
About the author
- Writer: Nuntawun Polkuamdee
Position: Business Reporter