Three Thailand-based information and communications technology (ICT) companies have tied up to establish almost a million dollar joint venture (JV) to provide ICT solutions in the growing market of Cambodia, Laos, Myanmar and Vietnam (CLMV).
Samart Communication Services, Loxley Wireless and Advanced Information Technology (AIT) recently partnered to set up a $920,000 JV, SLA Asia Co, according to Thai media reports.
The joint entity aims to build basic ICT infrastructure in Myanmar as demand for ICT equipment installation and maintenance grows in the most potential market in Southeast Asia.
Executives of the companies said the partnership would enable them to compete against foreign rivals as the ASEAN Economic Community (AEC) takes effect next year, which aims at free flow of goods and labour within the region. However, the firms will remain competitors in the Thai market, they said.
The JV aims to garner revenues of over $30 million within three years, according to Loxley executive Surakij Kiatthanakorn, who was appointed as SLA’s chief executive officer.
Each of the three partners holds equal shares in SLA.