Index joint venture aims to double Myanmar revenue
BAGAN, MYANMAR — Index Creative Village Plc, the country's largest event organiser, will form a joint venture with two foreign partners to expand its lifestyle business in Myanmar next year.
The move aims at doubling revenue in Myanmar and lifting the group's lifestyle business contribution to 15% of the total in the next two to three years from the current 7%.
"We're talking with two potential partners and if the deal is concluded, the three parties will inject 100 million baht into the new venture," said Kriengkrai Kanjanapokin, Index's co-CEO.
He did not disclose more details about the three-party venture, saying only it would be an untapped lifestyle market. The new joint venture is expected to start operation in the second quarter of next year.
Kriengkrai: Eyeing lifestyle business
Index has had a presence in Myanmar for four years, focusing mainly on events, trade fairs, performance shows and market research.
Mr Kriengkrai said Index wanted to engage more in the lifestyle business because events and trade fairs could be easily affected by the unstable economic and political situations in both Thailand and Myanmar.
"Demand for lifestyle business is increasing in both Thailand and Myanmar, driven by the growth of middle-income people," he said.
Earlier Mr Kriengkrai said the lifestyle business would synergise Index's strengths with its new partner Wave Entertainment, providing concerts, show business, live festivals and travelling exhibitions. Wave holds a 50% stake in Index.
Index is eyeing more concerts and musical and performance shows in both Thailand and Myanmar.
It just kicked off a new season of Dandaree contemporary show at Bagan Golden Palace, which will play until Feb 29, 2016. The Myanmar cultural show, first launched in late 2014, is a collaboration between Index and local tourism operator Bagan Myanmar Co.
- Index Creative Village