THE HISTORY AND THE MAJOR DEVELOPMENTS
The family of Taweesaengsakulthai (or CHO Thavee group) by Mr. Cho Taweesaengsakulthai and Ms. Usa Taweesaengsakulthai was the founder of the transportation trucks in KhonKaen province. He was also the founder of the truck dealer since year 1968. He, then, has expanded to the business of manufacturing and assembling bus body. In 1980, he has expanded to the manufacturing and assembling of the body of trailer, semi-trailer, and various kinds of transport truck. Cho Thavee group has continuously developed the technology of trailer and commercial trucks. With the neat in designing of the body in various kinds suitably with the customer’s truck chassis in order to produce the strength and the durable truck body to meet with types of transportation work using under every kind of road condition and weather condition.
In the second generation of Cho Thavee group leading by Mr. Suradech Taweesaengsakulthai, a son of Mr. Cho Taweesaengsakulthai and Ms. Usa Taweesaengsakulthai. They graduated in field of automobile engineering and business administration from Japan, viewing to the trend of demand in large logistics system by the large special trailer. He also viewed to the importance of the innovation in assembling the truck body, which rely on the leading technology from abroad, will be increased in the industry of trailer, semi-trailer in the future. He, then, decided to establish Cho Thavee Dollasien Co., Ltd. (“The company” or “CHO”) on November 18,1994 by joining the family company namely Khonkaen Cho Thavee (1993) Co.,Ltd. (“CTV-1993”) with the leading manufacturer company of truck body and trailer from Germany namely Doll Fahrzeugbau AG (“DOLL”), in order to do the business of designing, manufacturing, assembling the body, and installing of engineering system pertaining to the truck body, the trailer and the truck for commercial. The registered capital was 10 million Baht, 74% of these to be held by the group of Thai shareholders and CTV-1993, and the rest of 26% to be held by DOLL.
CTV-1993 (formerly called “Cho Ruamthavee industry Co.,Ltd.” and has been changed later on May 28, 1993). DOLL (previously called Emil Doll Gmbh) who has the experience for long time in manufacturing and assembling of the truck body for commercial with the engineering development. Detail as follow:
CTV-1993 started the business of manufacturing and assembling of the truck body, the bus body, and has developed the technology in logistics in Thailand since 1990. At the present, CTV-1993 do not do the business of manufacturing and assembling the truck body. Instead, CTV-1993 altering to do the business of selling the front part of the truck, all kinds of truck and offering the services of the truck hire purchasing.
DOLL started the business of manufacturing and assembling of the truck body and special types of trailer since 1922(after World War I). DOLL has the competency in manufacturing special trailer for loading materials with heavy weights and in large sizes, also with the materials with special length, by using the modern technology. In 2014, DOLL has changed its management team to be CMP financial group, so it focused on sales more than product developments. In 2016, the contract between CHO and DOLL expired with no contract renewal. Since then, CHO have cooperate with business partners with the technology owner through MOU signing with companies that can make a technology transfer for CHO, for instance; Faymonville Company Limited, a Belgium company ranked the top three sale volume of the world, which has various trucks manufacturing technology: Siemens AG, a Germany company who has expertise in the electrical engineering and the world-class automation technology.
In addition, the company has joined with the French businessman in 2005 in establishing Cho Thavee Thermotech Co., Ltd. (“CTV-TMT”) with registered capital of 10 million Baht. CHO held in a portion of 80% of registered capital, and the French businessman held in a portion of 20% of the registered capital. This company has the purpose of doing business in designing, manufacturing, assembling, and installing of the fiber glass fresh box for truck with light weight for using in the transportation of merchandises, fresh foods and dried foods. In order to maintain the quality of the products until the destinations, also with the physical shape and the temperature of the products to be kept in the same condition as prior to the transportation. At the present, CTV-TMT has its registered capital and paid-up capital of 20.00 million Baht. CHO held the shares in CTV-TMT for 99.99% of the registered capital.
The company has changed its shareholders group structure. Mr. Suradech Taweesaengsakulthai, Co-founder of the company and currently the executive director and management, has invested in the company’s common stocks wholly of CTV-1993 since 2002. At the present, the company’s shareholders structure held by the group of Taweesaengsakulthai as major shareholder with the portion of 93.18% of registered capital prior to the initial public offering (“IPO”) during May 2-7, 2013. The company has raised its registered capital and called for the additional paid-up capital for 50 million Baht, and the company’s common stocks have been registered in the market of alternative investment (mai) on May 13, 2013.
In the past three years, the history and major developments of the company and its subsidiary can be summarized as follows:
The company name has changed from Cho Thavee Dollasian Public Company Limited to be Cho Thavee Public Company Limited for easier to recognize.
The company issued and sold debentures for institute investor and/or major investor.
The debentures named “Debentures of Cho Thavee Public Company Limited No. 1/2016 Due 2018”, it is type of name-registered, unsubordinated, unsecured debenture and no debenture holders’ representative. There was a limitation of 300,000 units at the price of 1,000 Baht, the total value is not exceed 300,000,000 Baht. The issue date is June 16, 2016.
The company has registered the changes in capital on November 2, 2016 from THB 258,198,015 to THB 295,735,443.25 due to the 8th exercises (last time) of the company’s stock warrants (CHO-W1) on October 27, 2016 for 136,499,739 units. Thus, the company received THB 68,167,969.70 for the working capital.
The company signed a Memorandum of Understanding (MOU) with the leader company on national defense industrial.
The company has allocated 12,000,000 ordinary shares to Macquarie Bank Limited, and registered for the change of paid-up capital on November 27, 2018 from an amount of 299,235,443.25 Baht to be 302,235,443.25 Baht. CHO has received an increasing capital of 16,996,761.00 Baht used as a working capital.
The company has allocated ordinary shares under the General Mandate basis, offered to specific person (Private Placement). There were 69,944,744 ordinary shares allocated to Mr.Marat Sae-lim on December 13, 2018, 30,000,000 ordinary shares allocated to Mr.Papinwit Cherngchavano on December 19, 2018, total 2 persons, amounting to 99,944,744 ordinary shares. CHO earned capital increase of 142,891,000.00 Baht used as a working capital. As of December 31, 2018 CHO has its remaining allocated shares of 18,349,433 shares.