ScandAsia Southeast Asia - February 2012

FEB 2012
Cambodia
Indonesia
Laos
Malaysia
Philippines
Vietnam
Crown Prince Frederik:
Vietnam
Is Under
My Skin
How TTA Group Turned
Baconco Around
ScandAsia.dk ScandAsia.fi ScandAsia.no ScandAsia.se

The
IB World School
in Singapore!
Specializing ONLY in the IB curriculum
ISS INTERNATIONAL SCHOOL
Established in 1981
Elementary & Middle School Campus
25 Paterson Road, Singapore 238510
Tel: (65) 6235 5844 Fax: (65) 6732 5701
Focusing on Personal & Social
Development, Maximizing
Academic Excellence
An authorized IB World School specializing only in
the IB Primary Years, Middle Years and Diploma
programs for ages 3 to18. Extensive range of IB
Diploma subject options.
High School Campus
21 Preston Road, Singapore 109355
Tel: (65) 6475 4188 Fax: (65) 6273 7065
COLEGIO DEL MUNDO • WORLD
ÉCOLE DU MONDE •
SCHOOL •
Website
www.iss.edu.sg
Email
admissions@iss.edu.sg
Accrediting Commission
for
Schools
1st International School
in Singapore with a 1 to
1 Apple Macbook laptop
program.
Multicultural environment
with students from more
than 50 countries – no
dominant group.
Outstanding student support
services including university
advising, counseling and
guardianship programs.
Esteemed faculty members
with a significant number
of IB workshop leaders,
examiners, moderators and
authors.
ISS is registered by the CPE • Registration no: 198104012C • Registration period: 16 June 2011 to 15 June 2015

Danske Bank International S.A., R.C.S. Luxembourg, No. B. 14.101, Aut. 24859
“New job, new country, new culture. I’m
confident knowing that my investments
remain in good hands no matter where
my career takes me next”.
Lisa, 37, CEO,
International Private Banking client
Needs beyond the ordinary?
International Private Banking is a service for clients with high income or wealth, who have
chosen to live outside the Nordic countries. You and your family are assigned an Executive
Wealth Manager, a financial specialist, who can guide you on your overall private finances.
Your Executive Wealth Manager is available for meetings even outside normal office hours
and can draw upon experts within the Danske Bank Group or our network of external
specialists on areas such as domiciliation, insurance and audit.
Michael Blom, Executive Wealth Manager at Danske Bank International, will be present
in South East Asia during Spring 2012 and available for a private business meeting at your
convenience. Call +352 46 12 75 434 or send an e-mail to michael.blom@danskebank.lu
to set up a meeting and hear what Danske Bank International has to offer you.
For further information, please visit www.danskebank.lu

Coming Events
Your FREE
ScandAsia
Magazine
ScandAsia is the only magazine
that covers all the Danish, Finnish,
Norwegian and Swedish residents
in South East Asia.
We also publish a ScandAsia
magazine in China, Thailand, and
Singapore.
LONGING
A Multi-Media Concert
Date: 18 February 2012
Location: Kuala Lumpur
Performing Arts Center
Nordlandia / Southeast Asia Art Company will
stage Longing in Malaysia at the Kuala Lumpur
Performing Arts Center (KLPAC) on 18 February
2012. It is a performance that features an
amazing fusion of the art forms - combining
new music written for classical string quartet
set in a digital environment. It explicitly creates
a platform where the North and South (East)
meet; displaying digital set design, music composition,
contemporary dance and musicians
from different backgrounds. More information
and ticket: www.klpac.org/?p=5359
Please sign up for
your own FREE copy:
www.scandasia.com
Publisher:
Scandasia Publishing Co., Ltd.
4/41-2 Ramintra Soi 14,
Bangkok 10230, Thailand
Tel. +66 2 943 7166-8,
Fax: +66 2 943 7169
E-mail: news@scandasia.com
Editor-in-Chief:
Gregers A.W. Møller
gregers@scandmedia.com
Advertising:
Finn Balslev
finn@scandmedia.com
Piyanan Kalikanon
piyanan@scandmedia.com
Nattapat Maesang
nattapat@scandmedia.com
Graphic Designer:
Supphathada Numamnuay
supphathada@scandmedia.com
Distribution:
Pimjai Chaimongkol
pimjai@scandmedia.com
Printing:
Advanced Printing Services Co., Ltd.
Daily news and
features here:
www.scandasia.com
SSM
Annual General Meeting
Date:
Location:
18 February 2012, 6:30pm
Tropicana Golf & Country Resort
The Scandinavian Society Malaysia invites all members
to The 47 th Annual General Meeting 2012 on
18 February at Tropicana Golf & Country Resort. If
you are Scandinavian living in Malaysia, you should
be member so you can join an interesting event
with your Scandinavian friends. Please contact info@
scandinaviansocietymalaysia.com.
Fastelavnsfest
in Jakarta
Date: 19 February 2012
Nordic Club in Jakarta will organize a traditional
Danish Fastelavnsfest on 19 February 2012.
It will be a great fun event for a whole family.
Interesting to be member and more information,
please visit www.nordicclubjakarta.org
or contact president@nordicclubjakarta.org.
SSP
Annual General Meeting
Date: 7 March 2012
Year 2011 was the successful beginning for Scandinavian
Society Philippines. Let’s make 2012 even
better. The first step could be to participate in
AGM on 7 March 2012. Come and share your
opinion about future activities to make sure that
member will be enjoyed. Please save the date
and stay tuned for more information at www.
ssp.org.ph.
Picture: www.icfhouston.org

www.scandasia.com/m
Read
on your mobile phone
Sign up for free delivery
of the ScandAsia magazine on
www.scandasia.com/m

Great Nordcham HCMC Christmas Party
Nordcham HCMC's Christmas
Party on Friday 2
December 2011 was yet
another great event. The guests
were served glögg on arrival until
everybody had arrived. Then followed
a traditional Nordic Christmas
buffet with Carlsberg beer, soft drinks
and Norwegian Aquavit interspersed
with several entertaining performances
on the stage.
After the dinner the annual
Nordcham charity auction took
place, raising funds for Nordcham's
selected education programs and in
support of disadvantaged children in
Vietnam.
Nordcham wishes to thank the
generous sponsors who made the
event so succesful. Main Sponsor was
agian this year Jyske Bank (Schweiz)
AG, supported by the diamond
sponsors Eelectrolux, Carlsberg,
Thoresen (Indochina), Kim Nguon,
Con Co, Sophie Paris, Baria Serece
Phu My Port, Grontmij/Carl Bro
Vietnam, and gold sponsors Mat
Rong Vang, Jotun, Mermaid, and
silver sponsors stx OSV, Securitas
and Jutland Co. Ltd.
Are you looking for a new place in SINGAPORE?
I know the perfect HOUSE or APARTMENT in strategic
locations for you and your family to live.
Labuan FSA License NO.BS200548 Company No. LL04446
It’s never too early to start
investing in your child’s future.
The only thing growing faster than your children, is the cost of higher
education. And for many parents, establishing a regular monthly
savings plan is the best way to ensure they have sufficient funds to
cover their children’s university or college fees.
Infinity’s experienced consultants can provide the impartial advice that
you need, and can a develop a tailor-made financial plan which starts
now – but will help you to provide for your family’s needs in the future.
Get in touch today.
Visit infinityfinancialsolutions.com Email info@infinityfinancialsolutions.com
Call Thailand +66 2 261 1571 Malaysia +60 3 2164 6585 Cambodia +855 23 997 121
Vietnam +84 8 6255 6914 Hong Kong +852 2855 6961
The possibilities are endless
Let me help you find your dream property!
PURCHASE, RENT OR SELL,
MY TOP PRIORITY IS
TO SATISFY
ALL MY CUSTOMERS’
RELOCATION NEEDS
Hetty Keenan Bode
BA (Hons) Marketing
Associate Director
CEA Reg No.: R028500I
HSR International Realtors Pte Ltd
3 Lorong 6 Toa Payoh
#01-01 HSR Building,
Singapore 319378
Tel: 6559 8888 Fax: 6559 8889
Call me NOW
for a NON-binding discussion!!!
(+65) 9735 0107
keenanbode@hsr.com.sg
keenan.bode@yahoo.co.uk
6 ScandAsia.South East Asia • February 2012

Find one Private Banking
advisor, then make sure he
knows many specialists
Wealth management today involves much more than selecting the
best stocks and bonds. At Nordea Private Banking, we offer you an
experienced personal advisor and a comprehensive overview of your
wealth based on thorough research and rigorous analysis. One private
banker, many specialists – making it possible.
Contact Nordea Singapore on +65 6317 6522, or
e-mail eric.pedersen@nordea.com
Eric Pedersen, Private Banker
Nordea Bank S.A, Nordea Bank Finland Plc and Nordea Bank AB (publ) are part of the leading financial services group in the Nordic and Baltic Sea regions. Being the leading Nordic pan-European banking entity
in Luxembourg, Nordea Bank S.A. focuses on international Wealth Management, Fund Distribution and Fund Management services. Our 400 employees serve a wide spectrum of international clients in more than 125
countries. Some products and services mentioned may, due to local regulations, not be available to individuals resident in certain countries. Published by Nordea Bank Finland Plc, Singapore Branch, 3 Anson Rd
#22-01, Springleaf Tower, Singapore 079909.
AD_Ericpedersen_192x135_eng.indd 1
8/29/11 1:57 PM
February 2012 • ScandAsia.South East Asia 7

ScandAsia News Brief
Mermaid Safety
Vietnam Opens
New Office and
Warehouse
Celebrating
the opening.
From left,
Kaare Vagner,
Chairman of the
Board, together
with Hang and
Klaus Vikkelsoe.
Mermaid Maritime Vietnam JSC inaugurated on Friday
25 th November 2011 its new office and workshop in
Dong Xuyen Industrial Park in Vung Tau, Vietnam.
The opening marked the start of a new era for Mermaid
Maritime Vietnam JSC as it also introduced the two new investors,
A/S Lauritzen’s Eftf. and their subsidiary JUTLANDIA Terminal
A/S, both from Denmark.
Mermaid Maritime Vietnam JSC is providing quality service
of lifesaving appliances, firefighting equipment and other safety
equipment for the Shipping Industry and the Offshore Industry
(oil and gas) in Vietnam and our safety services are all regulated
by IMO (International Maritime Organization) under the United
Nations.
The company was established by Mr. Jorgen Lundbaek, in
Vung Tau in 2004 using his long experience from Thailand in
similar business which is going back to 1982.
Mermaid is today the only company in Vietnam that holds all
major manufacturers approvals as well as most of the recognized
Classification Societies under IACS (International Association of
Classification Societies Ltd.) and we do therefore see ourselves
as a leader and trendsetter within the safety service market in
Vietnam.
The new investors have come to Mermaid partly as a result
of the work during the last 7 years, but also because of the Vietnamese
Oil & Gas Industry which is in a very positive development
that is expected to continue in the years to come.
"Our new investors have extensive experience in servicing
the offshore industry in the North Sea and they have well established
connections to most of the international players in the
offshore industry working here in Vung Tau / Ho Chi Minh City,"
General Director Mr Klaus Vikkelsoe said.
"We are recognizing the many similarities between the North
Sea off the Danish coast and the East Sea off the Vietnamese coast.
It is therefore only natural to transfer this long proven knowhow
from Denmark and Europe to Vietnam to the benefit of us all.”
“As most jobs offshore is a matter of urgency, our setup
for loading and packing offshore equipment, mixing of chemicals,
purchasing etc. is based on flexibility and high level of service -
we are flexible so our customers can concentrate on the things
they are best at,” he said.
To control the business Mermaid Maritme Vietnam JSC is currently
implementing ISO 9001, ISO 14001, OHSAS 18001 in 2012.
"We are proud of what we are doing and customers are
therefore always welcome to visit us and follow and witness our
service and work," General Director Mr. Klaus Vikkelsoe said.
Malaysian in
Denmark’s
Eurovision
Song
Contest
Suriya Hoffman, a 32 year old singer who participated
in the Danish Melody Grand Prix on 21
January 2012, brought Malaysia into the Danish
part of the Eurovision song contest. Suriya has a
Malaysian-Indian mother and a Danish father and
was born in Perak, Malaysia. In Denmark, Suriya
was the older sister in the pop duo S.O.A.P that
hit the music charts in the late 90’s with among
others “This Is How We Party” and “S.O.A.P. Is
In The Air”.
In Melodi Grand Prix, Suriya performed “Forever
I B Young” written by Thomas Hoffmann,
Jakob Winge and herself.
The Eurovision Song Contest will be held in
Baku, Azerbaijan on May 26 - for the first time
in Asia because of Azerbaijan winning last year’s
contest.
8 ScandAsia.South East Asia • February 2012

Great Party and
Norwegian Colors
Thoresen Vinama
Logistic inaugurates a
bonded warehouse
near Phu My in the
province of Baria
Vung Tau near Ho
Chi Minh City.
By Indius Pedersen
Sigmund Stromme joined the
Thoresen Thai Agencies Group in
2003 as Managing Director of
Thorsen Indochina and Thoresen
Vinama. In 2009 he took on the
added responsibility of Chairman
of Baconco which the TTA Group
that year acquired full ownership
of. In 2010 he became a Board
Member of Baria Serece, TTA’s
port investment in Vietnam.
Thoresen Vinama Logistic
with its foreign shareholders
Thoresen Thai
Agencies, Elkem Chartering
and Preco Norway
as well as Japanese Maritime24,
affirmed its desire to invest in Vietnam
by inaugurating a 16,000 sqm
warehouse near the deep sea port
that has Thoresen Thai Agencies as
co-owner. The new warehouse, built
in record time, will in future be used
to store 64,000 mtgs. cargo. And
yet another warehouse is underway
from the option of warehouses at
Thoresen Vinama’s disposal.
It all started when Thoresen Thai
Agencies bought the then-deficit given
Baconco Fertilizer Factory. The company
then made a thumping deficit. In
just two years, Thoresen Thai Agencies
changed the scene. From a turnover
of 197 million THB a tidy profit
of just over five million was made -
after taxes. No debt to the bank, and
only bright prospect for the future.
Behind all this is the daily management
headed by Sigmund Stromme.
Among several hundred participants
he was the proud participant at
the feast when the new warehouse
in Phu My in the province of Baria
Vung Tau was inaugurated.
“The good reputation we have
established with our many clients is
demonstrated by the fact that the
new bonded warehouse facility, in
which we are today, is in fact already
filled up with cargo from the
day of opening. The open storage is
filled with steel oil from BP, and bulk
cargo will arrive to fill up the new
warehouses this evening, right after
the opening ceremony is over. This
only show that we want to continue
investing in further projects here in
Phu My,” Sigmund Stromme says.
Sigmund Stromme stressed that
all this had been no success if not the
local authorities had been very cooperative.
Both political and technical
wise and from customs authorities.
Through the entire process they have
given us highly professional advice.
It was party all day. First the
opening ceremony followed by lunch.
Then the inspection of Thoresen’s
latest investment in the Baria Serece
deep-sea port. The investment that
was completed in 2010 has furnished
Thoresen with a 20 percent of the
share capital. Finally, there was a great
celebration with dinner at the Grand
Hotel in Vung Tau.
February 2012 • ScandAsia.South East Asia 9

Vietnam Is Under My
“I have a special
relationship to
Vietnam. My father
grew up here. For
years, Vietnam was
the big topic of
conversation in
my home,” Crown
Prince Frederik says
about why his recent
visit to Vietnam was
so special.
By Indius Pedersen
I have
participated
in business
promotion since
I was 19. The
first one was
to Japan. But
ever since I feel
the task has
become more
concentrated,
and the focus is
on from all sides.
10 ScandAsia.South East Asia • February 2012
Crown Prince Frederik
impressed all during
his recent visit to
Vietnam with his vast
knowledge about
Vietnam and genuine interest in
learning more.
“If I ask a lot of questions to
the Vietnamese I meet - I return a
whole lot wiser,” he explained his
keen interest.
The Crown Prince Frederik was
in Vietnam to take part in the celebrations
of the 40 year anniversary
of diplomatic relations between
Vietnam and Denmark.
“I have a special relationship to
Vietnam. My father grew up here.
When I was young, Vietnam was
the big topic of conversation in my
home,” Crown Prince Frederik says.
“I have a pleasant feeling of
walking in my father's footsteps
when I am in Vietnam,. I have a good
knowledge of Vietnamese food
through him. I like the Vietnamese
culture. The Vietnamese philosophy
has crept under my skin.”
“I was here two years ago with
my parents and the Crown Princess
and it's nice again to meet those
people I met at that time. Several
public figures have retired, but
that is how things are,” the Crown
Prince added.
Back for vacation?
Crown Prince Frederik could very
well be coming back to Vietnam on
vacation with Crown Princess Mary
and their children, Prince Christian,
Princesse Isabella, Prince Vincent
and Princesse Josephine.
“I think the country is beautiful
and it is not unlikely that I will go
on vacation to Vietnam. There are
many splendid sites for the children.
Vietnam is becoming an excellent
tourist destination and a proper
place for families.”
Taking over more duties
The Crown Prince Frederik and
Crown Princess Mary seem to take
over still more duties of Queen Margrethe
and The Prince Consort. In
2011, the Crown Prince participated
in three business promotions and
played the head figure in two of them.
In September 2011, Queen
Margrethe and The Prince Consort
together with Crown Prince visited
Russia on a large business promotion.
In fact the largest ever with
more than 90 participating companies.
During the business promotion
the royal family divided their duties
and reached out as wide as possible.
A few weeks ago the Crown
Prince and Crown Princess participated
in a big promotion to Australia,
and the royal couple got everybody’s
attention. Crown Princess Mary was
the big attraction in the media.
After the visit, Crown Princess
Mary went to Tasmania with all four
children while Crown Prince Frederik
went on his week long visit to Vietnam
on the occasion of celebrating
40 years of diplomatic relation between
Vietnam and Denmark.
“I like to travel on behalf of Denmark
promoting our exports, and
the Crown Princess and I are able
to take over more assignments from

Skin
my parents. We are a numerous
family so we are able to participate
in many assignments and to do more
for Denmark when we disperse our
tasks,” says Crown Prince Frederik.
Modernizing the monarchy
While taking over more of the
Queen's duties, the Crown Prince
has also become more open minded.
Together with Crown Princess
Mary he is slowly but surely in the
process of creating a new style of
a more modern, open and different
monarchy.
During the last two export promotions
to Australia and lastly during
his visit to Vietnam the Crown
Prince was talking much with the
participating the Danish companies
then previously. The conversations
also took place in a more leisurely
fashion which consequently made
the Danish business leaders more
relaxed.
“And I get a lot of input by talking
to business leaders and a good
sense of what is happening abroad
seen from a Danish perspective. To
head a Danish business promotion
is a great motivation for me.”
“After all it is our exports we all
live from,” Crown Prince Frederik
adds.
February 2012 • ScandAsia.South East Asia 11

How TTA Turned
Baconco Fertilizer
Company Around
Norwegian
businessman
Sigmund Stromme
is a legend among
Nordic businessmen
in Vietnam. In
2009, Sigmund
Stromme became
the Chairman of
the 15 year old
fertilizer company
Bacono. Last year,
only two years
later, the company
produced a profit
242 percent above
the performance the
year he took over. In
this article, Sigmund
Stromme shares
his strategy for
successfully turning
the company around.
Baconco is today a fast
growing fertilizer and
crop care company in
Vietnam, Since 2009, it
has been chaired by the
Norwegian businessman Mr. Sigmund
Stromme. Last year, the company
produced its best result ever,
delivering a profit of THB 197.16
million or 242% above the performance
in 2009.
Baconco’s core business is the
production and sales of NPK chemical
fertilizers, including imports and
sales of single fertilizers and crop care
products viz. insecticides, pesticides,
herbicides, and spraying fertilizers.
Related businesses areas are
warehousing, logistics and bagging
of fertilizers for client companies.
“Today, 70% of our income
comes from NPK fertilizers, another
20% is from single fertilizers and
crop care products, and the remaining
10% is from warehousing and logistics,”
Sigmund Stromme explains.
First the staff
When Thoresen Thai Agencies
Group took over and Sigmund
Stromme came on board as the
Chairman, Baconco had been for
sale for several years. The company
had been taking fairly large losses
during the financial crisis and staff
moral was very low. Something had
to be done.
“The first thing we did was to
make an interview with managers
and supervisors. Then we reorganized
the company, re-assigning to
suit skill sets and to increase responsibilities
and accountability. All this
made the work much more interesting,”
Sigmund Stromme explains.
“We then gathered up all the
supervisors and staff for English lessons
and organized leadership skill
sessions for department heads. We
also provided a good health insurance
for everyone. At the same
time we established a transparent
promotion, remuneration, and merit
system, and were able to provide
our employees with 2-3 months bonuses
in the first profitable year.”
“We have focused on development
and growth of the company,
giving the employees confidence in
the future. Prior to this, our staff
had no opportunity for training, nor
were there any HR personnel looking
after personnel development. All
this we are doing for our staff, so
that it can develop and grow with
the Company.”
By Indius Pedersen
12 ScandAsia.South East Asia • February 2012

The Boss
Sigmund Stromme
Norwegian
Chairman of Nordcham
Residing in Vietnam for
19 years, a shipping
executive with more
than 30 years working shipping
industry.
Worked for T.Klaveness
Group, Oslo, Norway from
1980 to 1993.
Arrived in Vietnam in 1993
and established Thoresen-
Vinama Co - Joint Venture and
currently holds the following
positions:
A recent staff survey indicated
that of the current 365 people
working in the company, around
80 percent have been there for the
past 8 years and the staff turnover
rate remains below 1%.
More turn-around tools
“Baconco’s extraordinary sales and
profits last year come from first of
all from our employees. They are
loyal and motivated, driving performance
in the truest sense,” Sigmund
Strommme modestly says.
But several other factors have
clearly also contributed to the higher
profits.
“We switched from leasing to
owing the production machinery
and at the same time we took over
our own machinery maintenance
and terminated third party contracts
for such services,” Sigmund Stromme
explains.
“As for procurement, we have
particularly focused on centralizing
purchasing and inventory management,
reducing raw material reserves
from 4-5 months to less than
three weeks. The purchasing policy
was changed to reflect more frequent
but smaller volume purchase.
Raw material sourcing has also been
reoriented from 90% imported to
60% local sourcing. This sharply reduced
previous high financial cost.”
“Furthermore, our cash only
policy also provides us with a stable
cash buffer,” Sigmund Stromme
adds.
Future growth
There are six large fertilizer producers
in Vietnam, four of which are
government owned. The remaining
two, including Baconco, are foreign
owned. Sigmund Stromme estimates
Baconco’s market share to
be currently 10 percent.
Although the year 2011 was
a year of high growth, Sigmund
Stromme is confident there is room
for great market growth in future.
“Demand will remain strong as
Vietnam is 2 nd largest exporter of
rice and coffee,” he says.
“Baconco’s strength lies in the
quality of our products,” Sigmund
Stromme explains.
“Baconco’s “Conco” brand is
well known as good quality fertilizers
and the farmers are willing to
pay a premium for our products.”
“Our fertilizers come in 60 formulations,
meeting the individual
needs of the farmers. Although the
niche market is small, we have few
competitors. Furthermore, we have
a flexible production system that allows
us to adapt our products to
changes in market needs very quickly.”
“Our strategy is to provide
products that meet high standards,
to continually innovate and provide
new products, and to focus on
niche market products to keep our
competition at a minimum.
• Managing Director, Thoresen
- Vinama Co - Joint Venture
Company, largest none
container ship agent in
HCMC - Baria Vung Tau
Area, active in Maritime
Logistic for Offshore
sector, forwarding/logistic/
warehousing as well as
chartering/operation of
Vietnamese vessels.
• Chairman of the board
of Thoresen-Vinama Logistic,
32.000m 2 bonded warehouse
complex in Phu My industrial
zone.
• Chairman of the Board
of Baconco Co fertilizer
company, 100% foreign
invested company acquired
by Thoresen in July 2009,
410 employees, producing
200.000 mts per year.
• Board Member of Baria
Serece Phu My Port J/S Co,
where Thoresen acquired 20
% of the shares in 2010.
The Teams
Factory:
310 workers, technicians,
engineers and high rank
managers
Administration:
30 financial, HR and general
administration
Sales And Marketing:
50 sales engineers, sales
administration and marketing
Haiphong Branch:
20 people
February 2012 • ScandAsia.South East Asia 13

Cambodia’s Vibrant
Activity in the
Cambodian real
estate sector has
grown significantly
over the past ten
years with an influx
of foreign and
repatriated money
being invested in
projects around
Phnom Penh.
By Steen Poulin Nielsen
Over the past decade,
the Cambodian
government
has made an effort
to create a marketfriendly
environment to facilitate
foreign investment. Cambodia ranks
alongside with Hong Kong, Japan
and Singapore as one of the easiest
countries in Asia in which to do
business.
Corporate income tax is set
at 9% and there are no laws preventing
100% foreign ownership of
companies, although land can only
be fully owned by Cambodians.
Thlang Sikheng is Marketing
Supervisor of Bonna Realty Group,
a major player in the Cambodian
real estate business. He encourages
more people to consider relocating
to Cambodia.
“Cambodia is a good destination
for retirement, we have many
different locations from the business
hub of Phnom Penh to the many
wonderful beaches and islands,” Thlang
Sikheng says.
“The prices are lower here than
in most of our neighbouring countries,”
he adds.
Foreign investors “key”
Business Monitor International reports
that they expect foreign investment
in Cambodia to continue
to be a key driver of growth for the
sector.
According to the Ministry of
Land Management, Urban Planning
and Construction, government tax
revenues from property-related
transactions surged 60% from USD
12.2 million in 2009 to USD 19.5
million in 2010.
However, over a longer term,
the analysts of Business Monitor
International are concerned about
the weak enforcement of property
rights, widespread corruption and
risks of expropriation by the government
which remain impediments
to the sector’s growth.
In November 2009, the opening
of Phnom Penh’s first Grade
A office skyscraper, the 30-storey
Canadia Tower, was a milestone
for the city’s office market. A new
law passed in May 2010 allows foreigners
to own property above the
ground floor of a building that is not
within 30km of the border, previously
foreigners were limited to 99-
year leaseholds on any.
Boom town
A few years prior to the economic
downturn in mid-2008, the local
real estate market was being widely
recognized as Southeast Asia’s latest
property hotspot and was booming
with the opening of new hotels, restaurants
and bars. Foreign and local
developers unveiled a series of
modern and expansive residential
complexes on the outskirts of the
capital targeting the city’s growing
population of Cambodians and expatriates.
Small scale western-style shopping
centres popped up while the
growth of the banking and telecoms
sector, mainly comprising new market
entrants from overseas, led to
increased requirements for quality
office space, adding to long standing
traditional demand from United Nations
agencies, NGOS and embassies.
The market for second homes
is not yet developed says Bonna Realty
Group’s Marketing Supervisor
Thlang Sikheng
“So far we sell mainly to foreigners
who wants to live here, the
market for second homes is not yet
developed. A condo on a good location
in Pnom Penh will typical cost
from 100.000 USD and up,” says
Mr. Sikheng.
The Financial Crisis
Cambodia’s economic growth
slowed and property prices fell
when the global financial crisis started
in mid-2008. Banks began to restrict
loans for real estate projects
in the country, says the Cambodian
office of the real estate services firm
CB Richard Ellis.
The tightening of credit in global
capital markets and difficulties faced
by international financiers meant
many projects were put on hold
or cancelled altogether, although
the market avoided total collapse
as many projects were suspended
before they were even constructed
and most buyers paid in cash and
did not require mortgages.
In some respects the economic
downturn acted as a correction as it
prevented a large number of projects
from all coming on stream at
the same time and over-saturating
the market.
New foreign ownership law
New foreign-ownership laws in
Cambodia have boosted condo
sales at several developments in the
capital Phnom Penh. In November
2011 the Phnom Penh Post asked
the CB Richard Ellis country manager
why investors are looking at
Cambodia.
“Growth,” he replied.
“We could be looking at
double-digit GDP growth again in
2013”, he added.
In October 2011 the Japanese
shopping mall developer Aeon Mall
Co Ltd bought 6,7 hectares in
Phnom Penh next to the recently
opened Sofitel Phokeethra hotel.
The exact details of the deal have
not been disclosed but according to
the Cambodia Valuers and Estate
Agents Association the land is valued
at circa US$1,500/sq.m. At that
price the deal could potentially be
worth US$100 million.
Kheng Ser, assistant to the Project
Management Team of World
City, a South Korean developer
behind the US$2 billion satellite city
known as the Camko City development
project, told the Phnom Penh
Post that sales to foreigners were
increasing every month.
“Until now, we have sold 45
units to foreigners, from South Korea,
Australia, Singapore and China.
We have sold better since the National
Assembly approved the foreign
ownership law, and we strongly
hope that we will get more and
more foreigners to buy our condos
this year,” he said to the Phnom
Penh Post.
14 ScandAsia.South East Asia • February 2012

Real Estate Sector
He added that he thinks it’s a
good idea to allow up to 70 percent
of units to be owned by foreigners.
The Camko City project started
in December 2005 and is expected
to be finished in 2018. The development
lies on 119 hectares of land
in Phnom Penh’s Russei Keo district
that was reclaimed from Pong Peay
Lake. Due to the financial crisis this
project as well as other Luxury residential
projects has been both delayed
and downsized.
February 2012 • ScandAsia.South East Asia 15

Ellegaard Gets Royal Promotion:
Conveyor Belts for th
P. Ellegaard A/S is now established in HCMC,
Vietnam with the company Polymax Co. Ltd.
The new era of the Danish conveyor belt
experts was sealed with a Royal handshake.
By Indius Pedersen
A
handshake
between
Crown Prince Frederik
of Denmark and
Jesper Ellegaard of the
Danish conveyor belt
company P. Ellegaard A/S marked
the establishment of its subsidiary
Polymax in Vietnam.
The company is going to manufacture
conveyors of any conceivable
kind meant for the transportation
industry, bulk and food industry.
At the ultra-modern factory in the
Saigon area the company will produce
for the Asian markets.
P. Ellegaard A/S in Ringsted,
Denmark, is thus fully engaged in
the process of internationalizing its
business. The production consists
of a wide assortment of conveyors,
drum motors and rollers for special
as well as ordinary use. In any event,
every solution is both ergonomic
and rational, not only providing
improved operating results to the
user, but also offers ergonomic solutions
for employees.
The conveyor belts are manufactured
for airports, agriculture, slaughterhouses,
supermarkets, businesses,
coal mines and other mining, and
vessels. Wherever there is a need to
move goods.
The company has slowly initiated
its production in Vietnam and
this was celebrated at a huge busi-
16 ScandAsia.South East Asia • February 2012

e Asian Market
ness promotion to Vietnam headed
by Crown Prince Frederik in which
Jesper Ellegaard and 36 other companies
participated.
“Our conveyors are used everywhere.
And now we have initiated
our process to internationalize the
company,” says the 49 year old Jesper
Ellegaard, who along with CEO Tommy
Christensen leads the company.
In Denmark, the P. Ellegaard A/S
has addresses in Ringsted, Fredericia,
and Viborg. Outside Denmark,
it is now established in Ho Chi Minh
City in Vietnam.
“The company was founded in
1954 by my grandfather and father
and has gradually evolved through
the years. In Denmark we have an efficient
system that provides regional
service within two hours. We have
an efficient service team which fixes
troubles on the spot if customers are
facing problems,” he explains.
Now that P. Ellegaard A/S has
started manufacturing in Vietnam, a
new era begins.
“We are ready for most challenges
and we are ready to develop
solutions with our customers in Asia
too,” says Jesper Ellegaard.
“Currently we are testing a special
conveyor belt at Aalborg Airport. In
this case it is not enough that the conveyor
belt is high quality - the design
must also be in order. It has to be okay
to look at. And of course the functionality
should also be optimal,” he adds.
Within the food processing industry,
P. Ellegaard supplies a wide
range of conveyor belts, that at one
end of the scale covers processing
and handling of meat, poultry and
fish. At the other end are manufactured
conveyors for chocolates and
sweets, and bakeries.
“We have more than 40 years
of experience. Through all the years
our market has been nationwide,
but now we have decided to go
abroad. We have gradually started
up the production in Vietnam and
the increased production from Vietnam
will be exported to European
as well as Asian markets, that need
our expertise,” says Jesper Ellegaard
who adds that the production that
has taken place for many years in
Viborg, Denmark, will continue.
“Conveyor belts are used for
everything. That could be for suitcases,
coal, shrimp, ham, gravel or
pills. All kinds of food are moved on
special conveyor belts without becoming
infected with bacteria. Turning
to a quite different matter we
also manufacture conveyor belts for
recycling of old cars. And uniquely,
we also produce conveyor belt in
connection with X-ray machines
at airports and other places where
your luggage has to be checked.”
February 2012 • ScandAsia.South East Asia 17

Living to Make Differe
By Satirat Dam-ampai
A
journey always begins
with the first step.
For Katrine Solhaug,
32 years, her first encounter
with racial
and religious differences started
when she spent her early childhood
with local black people under an
apartheid, racial segregation system
in South Africa in the 1980’s. The
roads she has later travelled have
also brought her to many different
corners of the world and continually
opened her horizon and interests
in the world of global social conscience.
Katrine Solhaug, who hails from
Stavanger, cheerfully recalls her vivid
memories of her first years in kindergarten
with her missionary family
in Port Natal of South Africa where
she was so pure white and blonde
in the middle of all her totally black
Zulu friends and other people
around her.
“But the only difference between
us was just the colour. I
remember well that we had great
time together even though we were
not allowed to,” she emphasizes.
Katrine’s father, John-Daniel Solhaug
is a priest with the Norwegian
Church and definitely the one who
planted the seed of humanities in
her, was there the day we met up
with Katrine in Siem Reap.
“We are different in tastes, ideas,
and backgrounds. But if we get the
same sort of opportunities, we will
be not that different,” he says
“Yes, I believe it started there in
South Africa,” says Katrine.
Extensive traveling
For Katrine, to travel is to live and
it has so far lead her to more than
50 countries over the past 12 years.
After several years of educations in
Norway, Thailand, Malawi, Spain,
Mexico, and Nicaragua, with a special
active role as a coordinator of
the school programmes there, Katrine
was in 2007 selected to manage
Earthwalkers guesthouse in
Siem Reap, Cambodia. Until then,
she had only heard of the place as
the little town near the big religious
complex called Angkor Wat.
“They told me that I would fall
in love with Cambodia and get stuck
here,” Katrine laughs. At the time,
she was not that convinced but now
she admits that “yeah, they were actually
right.”
18 ScandAsia.South East Asia • February 2012
The friendliness of the Cambodian
people is one of the reasons
that makes her stay and keep
coming back to the country. She
feels very motivated and willing to
do something for the Cambodians
among others because it takes so
little to change so much and people
really appreciate the help they get.
Dad, I will start a school!
Katrine is known to have so many
ideas and plans in her head, and
eventually takes most of them along
into her sleeping mode, even in her
dreams. And in the middle of one
night in February 2008, her father
got a phone call from her saying “I
have an idea, Dad, I'm going to start
a school!”
After one and a half years managing
Earthwalkers, and when the
time was ripe, she left to be on her
way to pursue her own dreams.
With educational background in
marketing, multicultural pedagogy, international
social work, plus her core
experience in the field of tourism, all
form the ideas into practice. Katrine
eventually recognised a big potential
in the emerging trend of global responsible
tourism and founded Globalstudies,
a hospitality management
course which specially focuses on
responsible tourism, as a sequel.
“All of the big networks that we
have got - from hotels, tour companies,
bars & restaurants - make it
a big opportunity for Norwegians
to come and learn. We then have
managed to build up a network and
cooperation with the Norwegian
School of Hotel Management, University
of Stavanger so we can offer
students a different experience in
their studying,” Katrine enthusiastically
explains the programme and
almost every details of it.
“So instead of reading only in
theory at school, they can come to
Cambodia to learn by doing and they
could also contribute,” she adds.
The 3-month course comprises
of intensive lectures, social activities,
practical lessons, and excursions
which are the most important part
of the programme. There seems
to be no end to Katrine's creativity
when it comes to social initiatives.
Such as picking up the garbage on
Siem Reap roads and get funded
from Norway by the kilos they collect.
They could raise 1,800 dollars
at last and contributed it to build
proper classroom floors in a primary
school outside of Siem Reap.
The school is part of Teaching Cambodian,
a project which teaches and
empowers local teachers to be better
in the long run.
Moreover, all 15 Globalstudies
students also have to run Babel
guesthouse and make shifts in cleaning
the rooms, serving, presenting at
the front desk, just as if they were
real staffs. Babel, owned by Katrine
and her partners, is the place where
all students stay and have practical
lessons how to operate the business
and focus on responsible tourism
projects.
What the students say
“It's the experience,” comments
Thoralf Utsi, a chef and student who
murmurs an idea to open his own
restaurant in the future.
“For me, this course gives me an
introduction to tourism and and an
understanding of how the business
works.”
For another student Hilde Marie
Kvalösæter, she would like to be
a teacher in responsible tourism,
starting an organisation and a guesthouse
in Cambodia. But so far, what
she has done is teaching English to
Cambodians. Of course, people
need to get education, she adds.
Both Marie and her classmate,
Stine Joakime Didriksen, agree that
they would love to help Katrine
if she needs, and that would be a
great start for them. Being asked
how to help making differences,
Stine simply replies “look at what
Katrine has done,”
Support the staff
Globalstudies is one of the dreams
come true for Katrine, Three years of
hard work has transformed the idea
into a reality and it has been doing
better than she ever expected.

nces
“We have just started it, and we
are going to make it grow,” she says.
For Katrine, working 18 hours a day
doesn't drain her energy from other
possible actions. Next, it is Babel
Educational Programme.
It is a project that guests can
contribute and it supports Babel's
staffs for their better educations. So
far, they already have two to three
sponsors that would like to help
one of the staffs for one year at Paul
Dubrule, a hotel and tourism school
in Siem Reap.
The fortunate staff they sponsor
is a man who today works at
the front office during the day time.
Katrine explains that he used to
live in the garbage dump in Phnom
Penh for almost ten years before he
struggled his way up to Siem Reap
where he found work at the Sala Bai
hotel for a year. During that time, he
was sent to learn managing skills and
later he moved to be with Babel.
“We also want him to grow because
he has so much potential and
Paul Dubrule would eventually give
him more opportunities. Then he
has to move on to the star hotel,”
Katrine says.
Some other staffs such as
housekeeping girls can also benefit
from English class three times
a week, then they could move
step by step to better positions at
the guesthouse. One former staff
has also been supported and now
studying Psychology in a university in
Bangkok.
Solhaugfond
In addition, Katrine and her father
also set up the Solhaugfond to support
projects that provide a brighter
future for young Cambodians. They
manage to collect 12,000 dollars on
his 60 th birthday in Norway which
they later handed over to Sangkheum
Center for children to be
used to prepare the young adults to
advance in the real working world.
“One of the important reasons
that keeps me here is that we see
how easy it is to make a difference
in people's live,” says Katrine.
“We are from Norway, one of
the richest countries in the world.
And I feel like at least we can contribute
with our knowledge, money,
and network. I think I wouldn't live
properly if I couldn't do something
with all the resources in my hands.”
“The main goal is that we can
make a difference here, and also
open up eyes and minds to Norwegians.
Yes, I want Norwegians to get
out and make a difference,” she adds.
Classroom atmosphere and the students can take a break at a swimming pool.
Globalstudies students prepare for an exam - introduction to tourism -
in the next morning.
Working 18 hours a day
doesn’t drain her energy
from doing a good deed for
people. Here, she is clearing
bill and all administration
papers before leaving to
Phnom Penh.
Babel bar and restaurant atmosphere
February 2012 • ScandAsia.South East Asia 19

Two Month Vacation T
There is a real calling
for Scandinavians to
Asia and once they
come here don’t
expect them home in
a hurry. This was the
case for sailor Kjell
Bottenvik who came
to Bali for a short
vacation - 16 years
ago. Firstly he fell in
love with Bali and just
when it was time to
go home he fell in
love with a girl from
Java. Today, Bottenvik
would never dream
of going home to
Norway.
By Bjarne Wildau
Norwegian Kjell Bottenvik
landed in
Bali more than sixteen
years ago for a
planned two month
vacation.
“But I have never used my return
ticket,” he laughs.
“I had a gut feeling that this was
somewhere I should be. On the
other hand, I didn’t think for a second
I would stay here for the rest of
my life,” says the 70 year old while
sitting in his “Bali Pub” on the main
street of Jalan Tamblingan in Sanur.
The bar owner and wife Triana
are a business team but both have
never considered even going back
to his old country for a holiday.
“Oh my dear. Why should I
go back there? Look around if you
can’t understand me, compared
with Norway this is clearly paradise.
When we need a break from the
wonderful madness here we head
for Singapore or Malaysia. Definitely
not for Norway,” says Kjell, who has
a five-year-old daughter Anande,
with a glint in his eye.
Bali...what?
When the Norwegian came to Asia
for the first time 54 years ago, he
had never even heard of Bali much
less dreamed he’d end up residing
there.
“As a sailor my first Asian experiences
were the Philippines, Japan,
China and Taiwan. But it was fantastic
for me as a boy to see so many
different things and cultures. There
is no doubt that visiting Asia planted
a seed,” he says.
Eventually, Kjell quit sailing and
got a steady job working for Kvaerner,
the huge Norwegian engineering
and construction company. Installation
of turbines became his forte for
more than two years.
Then in 1994 Kjell Bottenvik
came to Bali for the very first time,
his two month holiday turning into a
little more than that.
The weather...
“Why I decided to stay? I’d say the
weather and the friendly people were
a deciding factor. Balinese and other
Indonesians are so nice that is impossible
not to have a great time here.”
Clearly, his future wife, Triana
had also something to do with it as
they have been together now for
more than 16 years.
Just 12 months after his arrival
in the holiday island, he opened his
first version of Bali Pub and it got off
to a flier.
“Most of our guests were tourists
who came here with Danish
Larsen Travel. Most of the people
we served were Danish or Norwegian,
but there were very little
Swedes,” Bottenvik says.
Bottenvik seems to have the
people touch and a gift of making
customers feel welcome. His frank
comments, his loud laughter and a
good heart makes him a popular
proprietor.
Bottenvik made such an impression
on one of his regulars that he
made a caricature of the Norwegian,
ponytail and all.
The terror attack
Before the Bali terrorist attacks the
Bottenvik’s enjoyed the good times
and made some good money but it
was downhill from there. Just when
they started to rebuild their trade
SARS hit hard putting them back to
square one.
“Now we are making ends meet
every day. Three years ago the landlord,
who owned the first Bali Pub,
turned greedy and increased the
rent so we were forced to move up
here. The kitchen is closed all day,
there is far too much work for little
money to keep it open”.
Bottenvik insists there is a differ-
20 ScandAsia.South East Asia • February 2012

urned Into 16 Years
Now we are
making ends
meet every day.
Three years ago
the landlord, who
owned the first
Bali Pub, turned
greedy and
increased the rent
so we were forced
to move up here.
ent type of tourist in Bali these days.
A view which is shared by many restaurateurs
and bar owners on the
island.
“We have a lot more people
coming to Bali now but it’s a
changed market. The visitors spend
money but not half as much as they
did before. At the same time prices
have increased by 800 percent since
1995 and it’s much cheaper in Bali
now for westerner tourists if you
compare with the currencies then
and now. It’s impossible to make
money now, people who say that
are wrong,” reckons Bottenvik.
“We just try to have a nice time
here - nothing more, nothing less.”
IB
International Baccalaureate
- an alternative to the Danish ‘Studentereksamen’
• internationally recognized
• gives admission to universities all over the world
• taught in English
You can stay at Nyborg Gymnasium’s
boarding school.
Contact us for more information about the
programme and the boarding school.
Deadline for applications: 15th of March.
Nyborg Gymnasium & Kostskole
Skolebakken 13, DK-5800 Nyborg
Tlf +45 65 31 02 17, fax +45 63 25 52 19
post@nyborg-gym.dk, www.nyborg-gym.dk
February 2012 • ScandAsia.South East Asia 21

Medium
Flæskesteg
Roast Pork
Evil
Nothing is as nice as a traditional Danish pork roast. You
need to find a shoulder of pork with the fat rind on. If
you can’t find pork roast with the rind attached then look
for a fresh ham, remove 2/3 of the skin and you will get
crackling with the rest.
Ingredients
4½-6½ lbs of Shoulder of pork w/rind on
2-3 spoons of course salt
2 lbs small cold boiled potatoes
4 spoons sugar
1½ oz butter
1 pint of water
2 lbs canned red cabbage
Are you done?
When you have completed the above puzzles, please send your
solution by fax to +66 2 943 7169 or scan and email to puzzles@
scandasia.com. We will make a lucky draw among the correct
answers. Five lucky winners will receive a ScandAsia polo shirt.
Name:
___________________________________________________
Age: ________________________ Mobile: ___________________
Address: __________________________________________________
Email:
__________________________________________________
__________________________________________________
__________________________________________________
Deadline for submitting your solution is 15 March 2012
The Roast
Preheat oven to 350°F. Put the roast in a
roasting pan with water with the rind facing
downwards. Let the water cover the rind. Use
as small a pan as possible to get good tasty gravy.
Leave the roast in the bottom of the oven for 30 minutes. Using a sharp,
heavy knife cut deeply through the rind and fat until you reach the meat,
making the incisions 1/2” apart lengthwise and crosswise. Rub salt liberally
into these gashes. It will make the crackling to bubble up and get crispy.
Put the roast in bottom part of the owen for 1½-2 hours. Take it out
and pour the gravy into a pot to make brown sauce from it. Put the roast
back in the oven and set the temperature to 530°F. Watch the crackling,
it may suddenly be overdone.
Brown sauce
Let the gravy rest a while in the pot and remove the grease from the
surface. The gravy is thickened by a mix of flour and cold water, add black
gravy color, and salt and peper.
Red Cabbage
Use precooked red cabbage in a can or in a glas. If of German origin pour
in two spoons of sugar. Add some water in the pot and let it cook at low
or medium heat for 30 minutes. Alternatively, the cabbage can be heated
in the microwave owen which will make the cabbage more crispy.
Candied Potatoes - Brunede Kartofler
Caramelised Potatoes is delicious with almost all kind of roast meat, especially
pork. It is important to follow the recipe exactly for a good result.
Run the cold tap over the cold boiled potatoes just before starting.
Use new potatoes if possible and boil well in advance to ensure they
are cold before use. Run cold water over potatoes before starting.
Put the sugar on frying pan and heat until melted and golden. Add
butter and mix well. Add potatoes and shake frying pan well. Add water
carefully and stir lightly until water has evaporated.
22 ScandAsia.South East Asia • February 2012

Serving the Scandinavian community for over 30 years
• International, Domestic and
Local Moving
• Document Storage Services
• Real Estate Services
www.santaferelo.com
• Office Relocations
• Property Management
• Orientation Programs
• Visa & Immigration
Indonesia:
Tel: (6221) 789 2033 sales@santaferelo.co.id
Philippines:
Tel: (63) 2 838 1761 santafe.manila@santafe.com.ph
Malaysia:
Tel: (603) 7805 4322 info@santafe.com.my
Vietnam:
Tel: (84) 8 3933 0065 info@santaferelo.com.vn

When it’s time to do business,
we’re exceptionally open.
Every business has a different story and a different goal. We understand that.
Over many years in this market of unique opportunities, we’ve developed the
local knowledge, resources and connections needed to turn ambitions into
reality. That’s why we’re one of the most well-established northern European
banks in the region. For corporates, financial institutions and private banking
clients, we’re ready to listen and cater to your needs – in Beijing, Shanghai,
Hong Kong, Singapore and New Delhi.
Welcome to contact us at
Tel: +65 63 57 08 95
singapore@sebprivatebanking.com.sg
www.sebgroup.com/privatebanking