Audiowav Media Inc., a technology company that aims to list in the Philippine Stock Exchange next month, disclosed a plan Monday to expand to other Asian markets.
Audiowave said it would use the proceeds from the planned P2.66-billion initial public offering to enter Thailand, Vietnam and China in the second quarter and infuse additional equity to existing subsidiaries in Singapore and Indonesia.
Audiowav, which supplies technologies that provide sensory branding and hardware solutions to various businesses in hospitality and retail, said the four new markets were selected because of their huge potential for growth.
The company said the hospitality industry in Thailand closed out 2015 with an overall occupancy rate of 61.72 percent – representing the third highest occupancy rate in 10 years and the fourth highest in 20 years. It was also up by 11.05 percent from 2014.
“The growth prospects in Thailand therefore are inspiring and such growth is further enhanced by the fact that Thailand serves as the gateway to other nearby regions. The company can thus potentially take advantage of such wave to potentially serve the approximately 25 million tourists that visit the country annually, more particularly the thousands of retail, hospitality, tourism and food & beverage industries that serve such tourists,’ Audiowav said.
Audiowav said while other industries might have reached a saturation point in China, its hospitality industry was far from slowing down with 2.5 million hotel rooms unable to accommodate its 133 million inbound tourists.