STREET WISE
Virabongsa opts for a 'private' life
As a former macro-economics lecturer and finance minister, Virabongsa Ramangkura usually draws huge audiences. But recently he's been acting aloof, appearing at far fewer economic discussion sessions.
But why? The answer appeared in the March issue of Manager Monthly. In an interview, Virabongsa said that after 20 years of advisory services, he now held 18 positions in private companies - mostly as chairman or director. He also advises Wang Kanai and Finansa Securities. The former economic adviser to the Prem Tinsulanonda administration is enjoying his new roles. He told the magazine that serving private companies gave him a chance to meet a new generation of executives whose ideas keep him updated on global trends. Virabongsa said that the 18 positions in private companies each consumed a small bit of his time. He attributed this to the less complicated nature of their businesses, compared to government circles. Usually, a director needs to attend a meeting once in a month. But Virabongsa said that when he was an adviser to Finance Minister Thanong Bidaya, he was required to work at the Finance Ministry two or three days a week. No matter how busy he is, he still finds time during the weekends to visit Buddha image markets. Perhaps, that is where he is happiest. You can bet that if he becomes an adviser to Shin Corp Plc, a peaceful time like this will be harder to find than gold.
A growing force
While its parent company is witnessing huge public resistance to its investment in Thailand, CapitaLand - the property development arm of Temasek - is stepping up its presence in China. Yesterday, it struck an agreement to buy a 20-per-cent stake in Hong Kong-listed Lai Fung Holdings for HK$644 million (Bt3.5 billion). CapitaLand is partly owned by the state-linked Singapore investment company Temasek Holdings and is one of Southeast Asia's largest property companies. In 2005, its net profits more than doubled to record levels from 2004. Earnings from overseas operations accounted for 73.9 per cent of revenue, up from 65.9 per cent the previous year. Last week, its parent Temasek also bought a stake in a telecom company in India from Tata Group. The investments show how committed Temasek is to expand its overseas holdings. Even though the investment in Thailand entailed more controversy than praise, it has shown no sign of backing off. achara_d@nationgroup.com.
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