CIMB to finance Ichitan 1.9 billion baht

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BANGKOK, 16 July 2013 CIMB Thai will lend 1.9 billion baht to Ichitan Group to expand the latter’s production capacity of green tea by another 400 million bottles a year. 

Mr Tan Passakornnatee, President and CEO of Ichitan Group, said as the ASEAN Economic Community is to be realized in 2015, business opportunities will become a lot broader. As the market is getting wider, Tan said, his company has to be prepared for the upcoming challenge. He said the CIMB loan will allow the company to produce 1,000 million bottles of green tea per year, an increase of 400 million bottles from the original capacity.

Meanwhile, Mr. Subhak Siwaraksa, President and CEO of the CIMB said that the Bank was grateful that Ichitan has put the faith in the Bank to help the company, adding that it was honored to be a part of Ichitan’s development plan.

Ichitan was established in September 2010. It produces and distributes bottled green tea with a wide variety of flavors under the brand “Ichitan”. The company has also been engaged in continuous corporate social responsibility (CSR) program.