JMART Sees No Impact from Crypto Ban-SCB Spinoff, Expecting Record High for 2021 Results
JMART sees no impact from China crypto ban and SCB spinning off AMC while expecting the group performance to reach an all-time high in 2021.
Mr. Adisak Sukhumvitaya, Chief Executive Officer of Jay Mart Public Company Limited (JMART), told “Kaohoon” that the movement, whether it be China banning cryptocurrencies or SCB spinning off its asset management company, has no impact on the group.
The moves from Chinese central bank in banning cryptocurrencies last Friday and the announcement a day before that from The Siam Commercial Bank Public Company Limited (SCB) in spinning off its entities, including leasing and asset management business, have sent leasing and token-related stocks into a panic mode yesterday.
JMART Group also wound up in the plummet as well. Singer Public Company Limited (SINGER) and JMT Network Services Public Company Limited (JMT), JMART’s subsidiaries, were on a 3-day losing streak for a total of 9% and 9.6%, respectively. Meanwhile, JMART fell 12% in its two-day losing streak.
After a sharp plunge in the company’s group, Kaohoon contacted JMART’s CEO Mr. Adisak Sukhumvitaya for further comment on the movement of its share prices. The CEO stated that the decline in share price should not be the result of aforementioned reasons.
Mr. Sukhumvitaya elaborated that the banning of cryptocurrencies in China is not relevant to Thailand, while the goal for SCB to spinoff its AMC will only focus the liability within SCB Group, unlike an all-rounded operation of JMT.
The CEO affirmed that the group company will receive a capital increase from BTS in December, and the fruit from this synergy will bear in 2022.
In addition, Mr. Sukhumvitaya noted that the performance of JMART, JMT and SINGER will definitely reach a record high this year.