Audiowav Media eyes Asia expansion
Technology company Audiowav Media, which aims to list on the Philippine Stock Exchange next month, plans to expand to Thailand and other Asian markets.
It says it will use the proceeds from the planned P2.66-billion (US$53.5 million) IPO to enter China, Thailand and Vietnam in the second quarter. It already has subsidiaries in Indonesia and Singapore.
Audiowav, which supplies hardware as well as technologies that provide sensory branding in hospitality and retail, says the new markets were are being targeted because of their huge potential for growth.
In Thailand, it says, the hospitality industry closed out 2015 with an overall occupancy rate of 61.72 per cent – the third-highest occupancy rate in 10 years.
“The growth prospects in Thailand are inspiring, and such growth is further enhanced by the fact that Thailand serves as a gateway to nearby regions,” says the company. “We can thus potentially take advantage of such a wave to potentially serve the 25 million tourists who visit the country annually, more particularly the thousands of retail, hospitality, tourism and F&B industries that serve these tourists.”
Audiowav says that while other industries might have reached a saturation point in China, its hospitality industry is far from slowing down with only 2.5 million hotel rooms for 133 million inbound tourists.