FNS Holdings Plc,formerly known as Finansa Plc. (“FNS”), was incorporated in Thailand in 1989. The co-founders, Vorasit Pokachaiyapat and Eugene Davis, had previously worked together at Chase Manhattan (Thailand) where they oversaw the bank’s merchant banking activities. The original business of FNS was asset management, starting with the launch of funds targeting direct investments in Thailand and Vietnam. Successful investments by both funds in the wake of the Asian Financial crisis in 1997 and ahead of the opening of the stock exchange in Vietnam led to a series of successor funds focused on Private Equity in Thailand and Vietnam.The Asian Financial Crisis also presented FNS with an opportunity to establish a presence in debt and corporate restructuring services. This business became Finansa Securities Ltd., which went on to obtain a full brokerage license.
Following the listing of the group in 2002, FNS broadened its footprint in financial services through acquiring a finance license and a local mutual fund and provident fund management company.
The group’s expansion in financial services as an independent services provider proved particularly challenging from a regulatory, capital and markets perspective. The Global Financial Crisis in 2008/9 exacerbated the situation and in the years following the crisis, FNS management took the decision to exit financial services and pivot towards real estate, building a significant stake in listed real estate developer M.K Real Estate Development Plc (“MK”). Under FNS’ guidance MK transitioned from residential development to the development of warehouses and light factories for lease. MK also initiated a health wellness business, opening a luxury, holistic wellness retreat at Bangkrachao, under the brand name, RAKxa.
In 2024, FNS undertook a group restructuring to focus the warehouse-related operations within MK and the wellness operations within FNS. The decision reflected the very different natures of these two businesses. One was highly capital intensive and one was at a very early stage of development and incurring losses.
Today, FNS remains a significant shareholder of MK, while the principal, day to day focus of the business is health and wellness.