The name Genting represents far more than just one winning concept and one celebrated destination. Says Dato’ Lim Kok Thay, managing director of Genting Group: “It represents a synergy of corporate dynamism, drawing from vast resources of the group that comprise more than 14,000 employees, 12,000 acres of choice resort lands and 100,000 acres of prime plantation lands throughout Malaysia.”

Founded by its chairman and chief executive officer Tan Sri Lim Goh Tong, the Genting Group began 31 years ago as a cool hilltop hotel surrounded by primeval forest and mountainous terrain. That hilltop hotel has since expanded to become Genting Highlands Resort, one of the most popular tourist destinations in Asia.

Over the years, the group has spread its wings from its initial focus on leisure and hospitality to plantations, properties, power generation, paper manufacturing and oil and gas explorations and production activities. Against the challenges posed by the regional economic downturn, the Genting Group continues to work hard to improve its infrastructure, facilities and services to its valuable customers.

“We believe it is important to strengthen and improve on our core businesses, especially in difficult market conditions,” says Dato’ Lim. And the Genting Group, which comprises six core business divisions, has been doing just that in the recent years.

Genting’s Leisure & Hospitality division has constantly upgraded and refurbished its existing entertainment facilities, as well as added new entertainment attractions to Genting Highlands Resort to maintain its position as the premier holiday resort in Southeast Asia.

In 1998, the division, via Resorts World Bhd, acquired an associate stake in Star Cruises PLC, the leading cruise line in Asia-Pacific and the second- most-profitable in the world.

The Oil & Gas division has ventured into successful oil and gas exploratory activities in neighbouring countries and will soon gain a toehold in production in China.

Mention Thai finance companies and most investors head for the hills, their perception fixed by the memory of the closure of 56 of their number. But some finance companies are not only doing fine, they are planning to upgrade to full bank status.

National Finance recently announced that it has become the first of the finance houses to apply for a restricted banking license in Thailand. Pakit lamopas, executive vice president in charge of the bank project at National Finance, explains the motive for the move: ‘As a finance company, we already compete with banks on many fronts, but we suffer from handicaps because we do not have access to some businesses, like import/export companies. Our cost of capital is also higher because we have to offer more interest on deposits as people’s perception is that the larger banks are more secure. Going for a license, we don’t lose.”

The application process involves sending a preliminary letter to the Bank of Thailand (BoT) explaining how the finance company plans to meet the requirements to gain the license — merging with five other finance companies, maintaining a capital adequacy ratio (CAR) of 15% for two years (after which time the ratio may fall to the typical bank requirement of 8.5%) and having a capital base of Bt lO billion ($251 million).

National Finance’s preliminary application was accepted in June 1999. In mid- September it submitted a detailed plan to the BoT which, if accepted, goes to the minister of finance for final approval.