Cash-rich Thai oil explorer eyes assets worth up to $1 bn

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Corporate/30344643

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Cash-rich Thai oil explorer eyes assets worth up to $1 bn

Corporate May 05, 2018 01:00

By THE JAKARTA POST
ASIA NEWS NETWORK
JAKARTA

THAILAND’S PTT Exploration & Production Pcl is ready to shell out as much as $1 billion on an overseas petroleum asset this year, and possibly more, as it tries to prop up growth amid falling reserves, according to a Bloomberg report yesterday.

The upstream unit of state-controlled PTT Pcl is in talks to purchase a stake in oil, natural gas or liquefied natural gas assets in Southeast Asia and the Middle East, Chief Executive Officer Somporn Vongvuthipornchai said in an interview on Thursday in Bangkok. One or more deals could be finaliszed this year, he said.

PTT E&P, which has amassed $5 billion in cash and marketable securities, is on the hunt for deals after crude’s slump shook up the industry. While the company weathered the downturn by cutting costs and investments, it hasn’t revived reserves, which have dropped every year since a peak of about 1.1 billion barrels in 2009. Its 631 million barrels of proved reserves are enough to last five years at current production rates.

“We would finalise one or more deals this year with the size in a range of $300 million to $1 billion per deal,” Somporn said. The company plans to boost its reserves to sustain seven years of output through mergers and acquisitions, he added.

PTT E&P will favor projects in Southeast Asia, but is also looking in the Middle East where low production costs could help withstand price volatility, according to Somporn. Global benchmark Brent crude reached a nadir below $30 in 2016 and last month exceeded $75.

The company will accelerate final investment decisions on key developments, including an LNG venture in Mozambique, and is seeking to reach an FID with its partners on a Vietnam gas project as soon as this year.

Closer to home, it has teamed up with Total E&P Thailand to renew its concession for the Bongkot gas field, and is negotiating with Chevron about boosting its stake in the Erawan project.

“We’ve been operating the Bongkot gas field for 20 years with a good track record and competitive costs,” Somporn said.

“We’re in a good position for the bidding.”

The company targets sales volume of about 300,000 barrels of oil equivalent a day this year, similar to the levels in 2017. It has set aside $15 billion for investments over the next five years, and is seeking opportunities in LNG plants, power generation, battery storage and decommissioning old wells.

“We’ve been working on M&A activities over the past two years but it’s quite difficult to reach a deal,” Somporn said. “Sellers do not want to sell, while we’re selective.”

At A Glance

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http://www.nationmultimedia.com/detail/Corporate/30344642

  • Range of discount breakfasts on offer for students
  • Ichitan brings ‘Shizuoka’ from the tea capital to Thailand

At A Glance

Corporate May 05, 2018 01:00

By The Nation

Range of discount breakfasts on offer for students

Begin the new day with a breakfast of your choice. This new semester, Faimilymart invites students to try out its various dishes. It is cooperating with the Department of Internal Trade Ministry of Commerce to reduce all prices under its “Back to School” promotion. Students can enjoy upto a 50 per cent discount on more than 200 items in our stores.

Chiranun Poopat, president of Central FamilyMart , said that breakfast is an important meal; especially, for young children who are growing up because it helps with development in the body and brain for a good focus in learning.

“We would like the children to have delicious and high quality meal so that they can enjoy their daily activities. We select fresh food with lots of health benefits for a quick breakfast. We also have fresh fruit juice. Apart from the food , we also have many Japanese-style stationery for children to choose from,”

It provides discounts on more than 200 items such as milk, yogurt, health drinks along with discount unto 50 per cent. FamilyMart also offers many household items for the parents with the “7-days Promotion, Back to School” from April 30 to May 2018. The customers will also receive a redeem right from every Bt40 purchase from today to May 24 2019.

CPF cuts prices of baby shrimp, feeds to help farmers

 

Pairoj Apiruknusit, Senior Executive Vice President of Charoen Pokphand Foods Plc, (CPF), said that the company is participating in an effort to alleviate the suffering of shrimp farmers due to the steep decline in domestic white shrimp prices. The company has reduced the price of baby shrimps to 16 satang per shrimp from 19 satang and lowered a 25 kilogramme bag of shrimp feeds by Bt25, to help reduce the cost of farming. Both measures are effective from today until the June 30.

“CPF is aware of hardship of farmers and is committed to support them to reduce farming costs by reducing production materials costs. This aims to assist farmers to continue operating their business and help Thai shrimp industry to gradually overcome the crisis, “said Pairoj.

Ichitan brings ‘Shizuoka’ from the tea capital to Thailand

 

Japan’s Shizuoka Prefecture, known as the world’s capital of premium tea, has made a significant move into Thailand by joining up with Ichitan Group in launching “Shizuoka” – ready to drink premium tea developed by famous tea master. The new product will benefit from the growing premium tea market in the country.

“Shizuoka” is made from 100 per cent imported first flush and second flush tea tips from Shizuoka and delicately brewed according to the special recipe developed by Satoru Fujimoto, a top tea master of Shizuoka. The product will be the first and only one with the right to use the “Fujipi”, the symbol of Shizuoka, and certified by the Shizuoka Tea Export Association. The Shizuoka branded tea will be available in two flavours – Original (no sugar) and Mildly Sweet, in 440-millilitre bottle. Priced at Bt30 per bottle, the tea is available at convenient stores and leading supermarkets and retailers nationwide.

Tan Passakornnatee, president of Ichitan Group, said that although Thailand’s ready to drink tea market has slowed down in the past three years. On the contrary, the premium tea segment has experienced constant growth with the premium tea market segment valued at Bt891 million. In addition, healthy tea consumption trend among health-conscious young generation is growing, driving demand for low and no sugar tea. After the soft launch in late April, we have received very good response. We expect that marketing opportunities for Shizuoka ready-to-drink premium tea is growing continuously and hope the new product to generate Bt130 million in sales by the end of this year.

Tesco links up with AIS to better serve the needs of 4.0 era customers

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http://www.nationmultimedia.com/detail/Corporate/30344641

Mark Roughley, left, customer director of Tesco Lotus, and Prattana Leelapanag, AIS chief consumer business officer, at the press conference to announce their strategic partnership yesterday.
Mark Roughley, left, customer director of Tesco Lotus, and Prattana Leelapanag, AIS chief consumer business officer, at the press conference to announce their strategic partnership yesterday.

Tesco links up with AIS to better serve the needs of 4.0 era customers

Corporate May 05, 2018 01:00

By THE NATION

Tesco Lotus, a major leading retailer, has joined forces with AIS, the country’s number one mobile service provider, in a strategic partnership to serve 4.0 era customers better in all four aspects, namely: products, experience, convenience, and value.

More than 15 million Tesco Lotus customers and 40 million AIS subscribers stand to benefit from this partnership, with infinite privileges and value.

Mark Roughley, customer director of Tesco Lotus, said: “Tesco Lotus is committed to serving our customers a little better every day. We strongly believe that through strategic partnerships with other industry leaders who are experts in their fields, we will be able to serve our customers’ needs better and faster. The partnership between Tesco Lotus and AIS will allow both companies to cater to all four needs of digital era customers. For products, we will be able to offer the latest handsets and accessories. For experience, customers will receive expert advice from dedicated staff.

For convenience, customers will be able to buy products and services under one roof. For value, customers will gain additional privileges from what they spend on products and services.”

Prattana Leelapanag, chief consumer business officer at AIS, said: “Today marks an important milestone of the cross-industry partnership between AIS and Tesco Lotus. AIS as the number one telecommunications company in Thailand plans to combine its telecommunications expertise to Tesco Lotus, the country’s leading retailer, whose expertise lies in a great understanding of customer shopping behaviours and nationwide reach.

The strategic partnership will allow both AIS and Tesco Lotus to offer an even better shopping experience, with a better range of products and services to serve digital era customers.

This partnership is a great opportunity for AIS to enhance services offered to its current customers and expand its products and services to customers who visit digital zones in more than 190 Tesco Lotus hypermarkets nationwide.”

The strategic partnership between Tesco Lotus and AIS is made up of two key components:

AIS will operate the Digital Zones at all 190 plus Tesco Lotus hypermarkets nationwide. The Digital Zones will offer Tesco Lotus customers an opportunity to try out and purchase the latest handsets and accessories from the world’s leading brands. They can also benefit from a wide range of services from AIS, such as purchasing SIM cards, post-paid plans, AIS Fibre net subscription, and many other packages.

Privileges for Clubcard Members and AIS post-paid Customers:

Customers activating a new number, transferring from other service providers using the same number, switching from pre-paid packages to post-paid packages, and post-paid customers, can get 48 GB of internet (2 GB per month for 2 years) and unlimited access to Line and Facebook for two years by redeeming 1,000 Clubcard points or paying Bt100, and get double Clubcard points when paying AIS monthly bill.

Get a chance to buy iPhone 5S at a special price for only Bt2,900. This privilege is available only for customers activating a new number or switching from pre-paid packages to post-paid packages who sign up for AIS Hot Deal Package worth Bt499 or above.

Get a discount for AIS 4G Share Non-Stop family package with shared internet and call for up to Bt4,800 when activating a new number, transferring from other service providers using the same number, or switching from pre-paid packages to post-paid packages.

Interested customers can apply to receive the above privileges from now until June 30th, 2018. For more information, contact AIS call centre 1175 or Tesco Lotus call centre 1712.

“The strategic partnership announced today marks the first step of several important steps to come in the future. The synergy between Tesco Lotus and AIS will allow both companies to serve our customers better. Clubcard – the largest loyalty programme in Thai retail – offers value for money to more than 15 million Tesco Lotus customers through the form of privileges such as discounts on a variety of products and services. We hope that the partnership with AIS will also extend the same privileges to AIS customers simply by joining the Clubcard family,” Roughley added.

Big C launches stamp campaign for sales boost

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Corporate/30344639

Big C is running a stamp collection campaign from April 26 to October 1, enabling customers to exchange stamps for luxurious German standard kitchenware.
Big C is running a stamp collection campaign from April 26 to October 1, enabling customers to exchange stamps for luxurious German standard kitchenware.

Big C launches stamp campaign for sales boost

Corporate May 05, 2018 01:00

By THE NATION

BIG C Supercenter, a retailer of BJC with an emphasis on “Customers at Heart,” has launched a stamp campaign under which customers can easily collect stamps through various digital channels to meet their requirements.

For those who love to cook, the highlight is stamp redemption for German standard kitchen ware. This promotion campaign is expected to push up sales by 5-10 per cent.

Athapol Uraipriwan, Executive Vice President, Marketing & Communications said “Big C is Thailand’s leading retailer. We have been providing impressive products and services to our customers.

Every year, customers’response and participation campaigns increase.

To meet customers’ satisfaction, from April 26 to October 1, Big C is running a stamp collection campaign, enabling customers to exchange stamps for luxurious German standard kitchenware.

Through the stamp collection campaign. Big C is offering luxury German kitchen equipment, such as Vivo made of stainless steel; ‘Teflon’ latex coating suitable for healthy cooking, using less oil available in nine models of pots and plates of various sizes including cookware for Bt19,500 which customers can redeem starting at only Bt1.

“This year’s campaign is very special. Big C will offer a promotion that makes it easier for customers to collect stamps.

“Every purchase of Bt200 will come with a stamp of Bt1 (from the previous year Bt300 for one stamp).

“This campaign will help push purchase and frequency of shopping. It is expected that this campaign will generate 5-10 per cent growth in sales from last year’s. ”

“In addition to facilitating customers in the digital age. Customers can collect stamps via the Big Stamp application or the Line Official account @ BigC.th or the website http://www.bigc.co.th/bigcard to get free five stamps when applying.

Also, big card members will get two stamps during the campaign period on purchase of Bt900.

DTAC gets AA+ rating

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http://www.nationmultimedia.com/detail/Corporate/30344623

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DTAC gets AA+ rating

Corporate May 04, 2018 19:00

By The Nation

TRIS Rating affirms the company rating of Total Access Communication PLC (DTAC) at AA+ with a “negative” outlook.

The rating reflects DTAC’s market position as a major mobile phone service provider in Thailand, easing concerns over spectrum constraint after DTAC signed an agreement with TOT PLC on the 2.3 gigahertz (GHz) spectrum.

It also reflects DTAC’s financial strength, backed by strong cash flow generation and sufficient liquidity. The rating is partly enhanced by the support DTAC receives from Telenor ASA.

The rating also takes into consideration DTAC’s challenging business position from intense competition in the industry and the potential deterioration of its financial profile due to the hefty capital expenditure required to ensure bandwidth capacity and network quality.

Meanwhile, TRIS Rating affirms the company rating of DTACTriNet Co Ltd (DTN) and the ratings of DTN’s senior unsecured debentures at “AA+” with a “negative” outlook.

The ratings reflect DTN’s strategic importance as a core subsidiary of Total, a leading mobile phone service provider in Thailand. They are partly enhanced by the support from Telenor ASA, DTAC’s major shareholder.

The ratings take into consideration DTN’s market position as a leading mobile phone service provider and the growth prospects for data services.

Exim holds foreign exchange training

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http://www.nationmultimedia.com/detail/Corporate/30344613

Exim holds foreign exchange training

Corporate May 04, 2018 16:49

By The Nation

Exim Thailand recently held its FX Risk Management Seminar to promote the use of foreign exchange risk-hedging tools for SME (small- and medium-sized enterprise) exporters.

Organisers said the seminar aimed to furnish Thai SME exporters with knowledge of FX-risk-hedging tools for international trade.

Participants were granted Bt30,000 per business for use to buy FX option contracts on a trial basis from the eight commercial banks so that they may be better able to mitigate FX risks associated with international trade.

At the seminar, Pisit Serewiwattana, president of the Export-Import Bank of Thailand (Exim), welcomed guest speakers from the Ministry of Industry, the Office of Small and Medium Enterprise Promotion (OSMEP), BOT and the Thai Bankers’ Association.

KBank sees 12% Q1 jump in large corporate loans

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http://www.nationmultimedia.com/detail/Corporate/30344599

Patchara
Patchara

KBank sees 12% Q1 jump in large corporate loans

Corporate May 04, 2018 12:43

By The Nation

Kasikornbank (KBank) recorded a 12-per-cent rise in 1Q18 in large corporate loans to total Bt581.58 billion.

The increase was credited to high growth in the corporate customer segment in line with economic improvements and outstanding export performance.

The main drivers were borrowing requirements in the export-oriented industry, agriculture and construction.

Payments via EDC also rose 20 per cent, due mainly to Chinese tourists’ spending and expansion of Thailand’s cashless society.

KBank president Patchara Samalapa said the operations of the bank’s Corporate Business Division expanded in 1Q18 at a higher rate than expected, given the increase in large corporate customers’ requirements for loans and capital funds to finance their activities.

The division’s income totalled Bt6.371 billion, rising 5 percent over-year, and fee income stood at Bt3.117 billion, up 3 per cent YoY.

Meanwhile, total loans surged 12 per cent YoY to Bt581.58 billion, mostly driven by farm and agricultural processing industries that benefited from the healthier global economy.

Consequently, KBank’s global trade transactions also registered outstanding performance.

Other industries that exhibited outstanding growth in 1Q18 included construction and construction materials, following many government projects that are progressing.

KBank has been able to control non-performing loans in the large corporate segment within its targeted range.

KBank’s large corporate customers have also raised funds in the form of private bond issuance. In 1Q18, KBank was top of the market with the total value of issued private bond at Bt45.662 billion, equivalent to a 24 per cent of market share.

Patchara said large corporations have the same cash management costs as banks, and if such costs are reduced, their business efficiency can be enhanced substantially.

As a result, KBank has decided to develop solutions related to the cashless society to meet the needs of this customer segment. Over the years, KBank has steadily introduced new features to its EDC devices via QR codes that are capable of accommodating the Alipay and WeChat Pay apps used by Chinese tourists.

“Thanks to the satisfactory growth of business in 1Q18 and steady expansion of the cashless society in Thailand, KBank is confident of continued support for our customers according to our targets, with an overall loan growth of 6-8 per cent and a rise of fee income by 2-5 per cent,” he said.

Central Embassy has ‘Infinite’ variety of experiences

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Corporate/30344594

Barom
Barom

Central Embassy has ‘Infinite’ variety of experiences

Corporate May 04, 2018 11:34

By The Nation

Central Embassy has launched a campaign called #INFINITEYOU to increase its customer base by 24 per cent and boost sales by 28 per cent.

Managing director Barom Bhicharnchitr said the Bangkok shopping complex’s customers were a diverse group.

“We want to emphasize that, at Central Embassy, we are ready to give you infinite ways of lifestyle and shopping experiences to enjoy, whether you’re a shopper, foodie, art lover, creative type, lifestyle enthusiast, family or tourist. The experiences at Central Embassy are simply designed to be infinite.”

Shoppers have a chance to win two state cabin seats on the Eastern & Oriental Express for a four-day, three-night trips to Singapore worth Bt300,000 and Hydro Pool Pavilion breaks at Rayavadee Krab for two nights (two prizes each worth Bt160,000), plus gift vouchers and credit card privileges.

“We plan to actively reach out with digital marketing that places a stronger emphasis on social networks,” Barom said. “We believe these channels will bring us closer to the new generation on a fast and continued basis. The next generation is one of our most important target groups.

“At present, Central Embassy has 190,000 followers on Facebook and more than 27,000 on Instagram, and after the launch of #INFINITEYOU, we will communicate with our target groups via online media.”

Thaicom, WIT join for broadband projects in RP

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http://www.nationmultimedia.com/detail/Corporate/30344548

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Thaicom, WIT join for broadband projects in RP

Corporate May 04, 2018 01:00

Thaicom Plc, a Asian satellite operator and provider of integrated satellite communications solutions, and We Are IT Philippines Inc (WIT), a satellite broadband service provider in the Philippines, have signed a multi-year capacity wholesale agreement, aimed at providing connectivity for the rollout of private and government broadband projects nationwide.

WIT will use the entire Thaicom’s IPSTAR satellite capacity of both spot and broadcast beams for the Philippines. The agreement will also see WIT providing broadband connectivity through the IPSTAR high-throughput satellite to serve market verticals in the Philippines, including broadcasting, telecom, mobile network operators, and maritime.

Aseanbeauty 2018 underway at BITEC 

UBM Asia (Thailand) Co Ltd is hosting the region’s largest international beauty and health trade show, Aseanbeauty 2018, at BITEC Bangna until May 5.

The tradeshow is the venue for health and beauty-related Thai companies to show the potential of their new and innovative health and beauty products, as well as companies that are ready to drive their beauty and cosmetic products in 4.0 era, gaining more market shares in the Asean beauty industry, which is valued at Bt500 billion.

Thailand is recognised as the market with the highest potential in the Asean beauty industry. The country exports beauty and cosmetic products valued at Bt 300 billion to other Asean countries, compared with the estimated total value of Bt500 billion for the industry in the region.

Thailand’s beauty and cosmetics market continues to grow by 8-10 per cent annually. Major competitors in the beauty market are Japan (21 per cent ), Indonesia (9 per cent), the Philippines (8 per cent), Malaysia (8per cent ), Australia (6 per cent), Cambodia (5 per cent), China (4 per cent ), the United Kingdom (4 per cent), Myanmar (4 per cent ), and the US and Europe combined (26 per cent). Thailand is expected to generate over Bt1 billion in revenue from Aseanbeauty 2018.

Dusit debuts in Vietnam 

Dusit International, one of Thailand’s foremost hotel and property development companies, will make its debut in Vietnam this month with the opening of Dusit Princess Moonrise Beach Resort on the country’s largest island, Phu Quoc.

Located in the south of Vietnam in the Gulf of Thailand, Phu Quoc is a fast-growing tourist destination known for its long, sweeping beaches, rich coral reefs, fresh seafood, pearl farms, and dense, tropical rainforest.

Operating under Dusit’s upper mid-scale Dusit Princess brand, the new four-star resort is centrally located on the island’s west coast overlooking the stunning Bai Truong beach, a 20-plus kilometre stretch of sand also known as Long Beach.

The family-friendly resort comprises 108 contemporary guest rooms (ranging from 32 sq m deluxe rooms to 90 sq m suites), most of which offer pristine ocean views.

With 27 properties currently in operation across four brands in eight countries, Dusit International is in a significant growth phase which will see the number of Dusit properties top 70 within the next three years world-wide.

MoU smooths SMEs’ digital transformation 

The Digital Economy Promotion Agency (DEPA), United Overseas Bank (Thai)/(UOB Thai), and The FinLab have signed a memorandum of understanding (MOU) to establish a Smart Business Transformation programme aimed at helping Thai SMEs with digital transformation.

The FinLab is an innovation accelerator joint venture between United Overseas Bank (UOB) and SGInnovate, a private-limited company wholly-owned by the Singapore government.

The Smart Business Transformation programme is the first of its kind in Thailand designed to help SMEs develop and deepen their digital capabilities. Through the programme, the SMEs will be able to tap the insights and practical guidance provided by DEPA, UOB (Thai) and The FinLab’s network of industry experts, mentors and technology leaders.

During the programme, selected SMEs will be guided by DEPA, UOB (Thai) and The FinLab as they identify problems in their business that can be resolved and processes that can be optimised with technology.

As part of the programme, the selected SMEs will be equipped with the tools and knowledge required to innovate. The suitable solutions will be curated and shortlisted which participating SMEs will be helped with the pilot implementation of the solutions.

BMW’s service outlet of premium experience 

BMW Thailand, together with Amorn Prestige, an authorised BMW dealer, has revealed the first-ever BMW Service Outlet in Thailand to take BMW’s premium automotive experience to the next level.

The BMW Service Outlet by Amorn Prestige will reinforce BMW’s extensive range of services in Thailand with world-class standards by providing the ultimate in service quality through expertise beyond expectations and advanced technologies that flawlessly fulfill customer demands in all aspects.

Christian Wiedmann, President, BMW Group Thailand, said “The launch of BMW Service Outlet marks yet another historical milestone for BMW in Thailand by offering beyond excellent services for Thai customers. Our cooperation with Amorn Prestige will carry forward the collective goal to be the market leader in aftersales services while giving the kind of satisfaction that surpasses all expectations for BMW customers under both companies’ coherent vision and aspiration.”

Wannapa Tangbanyong, Dealer Principal at Amorn Prestige, said, “BMW Service Outlet by Amorn Prestige is not only the first BMW service outlet in Thailand, but it also stands out with remarkable convenience and distinctive new services, such as Online Booking service, which allows customers to arrange a service appointment in advance with just one click via http://www.bmw.co.th and BMW Teleservices, a baseline feature of BMW ConnectedDrive that automatically relays service and maintenance related data to BMW dealers for pre-service arrangements, among others.

L’Oreal acquires 100% of fashion retailer Style Nanda

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

http://www.nationmultimedia.com/detail/Corporate/30344543

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L’Oreal acquires 100% of fashion retailer Style Nanda

Breaking News May 03, 2018 17:29

By The Korea Herald
Asia News Network
Seoul

French cosmetics giant L’Oreal said Thursday that it will buy Nanda Co., one of South Korea’s leading online retailers, amid the global popularity of K-pop and Korean beauty items.

L’Oreal has acquired a 100 per cent stake in Style Nanda, marking its first acquisition of a Korean company.

The exact transaction price for the deal was not disclosed. Last month, Style Nanda’s CEO and founder Kim So-hee initially planned to sell off 70 per cent of the company’s shares for $37 billion and keep a 30 per cent stake, but later changed her mind.

Kim started Style Nanda as an online fashion mall business in 2005, when she was 22. She sold clothes bought from the Dongdaemun fashion wholesale market. The company’s unique style and quirky marketing quickly boosted its business.

In 2009, the company launched its own cosmetics brand 3CE, which now accounts for most of its revenue with over 500 products which are popular in China.

Style Nanda raked in $152 million in sales last year, with 70 per cent coming from 3CE.

L’Oreal said it aims to expand sales of 3CE globally through the acquisition.

“Style Nanda encapsulates Korean style’s ambience, edge and creativity, which can appeal to Millennials not only in Asia but globally,” said Alexis Perakis-Valat, president of L’Oreal’s consumer production division.

“L’Oreal is proud to have the group’s first Korean beauty brand and be able to bring Korean beauty and style to the rest of the world,” said Yann Le Bourdon, president of L’Oreal Korea.