Chilease Holding Co Ltd, Taiwan’s top leasing services provider, announced yesterday that it had formed a subsidiary with Cambodian conglomerate The Royal Group to tap into the ASEAN market, according to Taiwanese newspaper Taipei Times said.

The subsidiary, Chailease Royal Leasing Plc, has an initial capital of $2 million, of which 60 percent was funded by Chailease, with the remainder funded by The Royal Group, it said. Chailease reported a net income of $188 million for the first 10 months of 2016, a 6.37 percent year-on-year increase.