The family of Taweesaengsakulthai (or CHO Thavee group) by Mr. Cho Taweesaengsakulthaiand 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 Taweesaengsakulthaiand 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 important 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 (previously 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. 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 loan.
- 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 addition, the company has joined with the French business man in 2005 in establishing Cho Thavee Thermotech Co.,Ltd. (“CTV-TMT”) with registered capital of 10 million baht. CHO held in portion of 80% of registered capital, and the French business man held in portion of 20% of 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 present, CHO held the shares in CTV-DOLL for 99.99% of the registered capital.
The company has changed its shareholders group structure. Mr. Suradech Taweesaengsakulthai, 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). At the book closure date on December 27, 2013, Mr.Suradech Taweesaengsakulthai held the shares for 59.93% of the paid up Capital the Company, later, has issued warrants to its existing shareholders without value on October 28, 2013 amounting to 360 million units, at the portion of 2 existing shares to 1 warrant and has registered for the additional capitals in order to be reserved for the exercise of the rights in the amount of 90 million baht. The company offered the right in converting 1 warrant to 1 common stock at the price of 0.50 baht with the maturity of 3 years from the date of issuing of warrants. The company has adjusted the rate for exercise of right for the seventh time and the eighth time (last time) to be 1 warrant unit per 1.1 common stock being 0.454 baht per common stock. The warrants period is 3 years from the issuing date, the exercise begins upon the warrants period of 1 year at the end of each quarter starting from December 30, 2014 until October 27, 2016 which was the last day of the exercise. On December 30, 2016, the company had its registered capital of 296,972,494.50 million baht with paid-up capital of 295,735,443.25 baht at 0.25 baht par value per a share. There were 8 exercises of the company’s stock warrants (CHO-W1) with the total stock warrants exercised 4,756.940 units.
In the past three years, the history and major developments of the company and its subsidiary can be summarized as follows:
- The company has registered the changes in capital on April5, 2016 from THB 228,478,200 to THB 229,586,225 due to the 6thexercises of the company’s stock warrants (CHO-W1) on March 31, 2016 for 4,432,100units. Thus, the company received THB 2,216,050 for the working capital.
- On April 5, 2016, The Company has signed a contract with SAP (Thailand) Co., Ltd. which is the ERP on Cloud software developer under the program named SAP Business By Design. The program will help to develop the company performance to reach the company goals. To set up a suitable system, the company appointed Netizen Co., Ltd. to be a consultant of ERP Implementation by using SAP Business By Design program. The purposes are to combine all data with the ERP system for the fast ability to reach data, the correction and the accuracy, to support the expansion of 8 places of One Stop Services Centers nationwide within 2018 including after sales services for the other product group so the company can provide after sales service in every area worldwide.
- On May 10, 2016, 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 July 8, 2016 from THB 252,497,031.25 to THB 258,198,015 due to the 7th exercises of the company’s stock warrants (CHO-W1) on July8, 2016 for 20,730,850 units. Thus, the company received THB 10,352,986.49 for the working capital.
- The company has registered the changes in capital on November 2, 2016 from THB 258,198,015to THB 296,972,494.50due to the 8th exercises (last time) of the company’s stock warrants (CHO-W1) on October 27, 2016 for 150,149,713 units. Thus, the company received THB 68,167,969.70 for the working capital.
- The company signed a Memorandum of Understanding (MOU) with Mr. Winston Toh Bee Chew, Executive Vice President and Chief Marketing Officer of Defense Marketing Group which is the leader company on national defense industrial.
- The company collaborated with the German company, in order to transfer technology and innovation energy for vehicles by electricity and programming control systems in Thailand. With the main purpose to provide the automotive components that suitable for every level of entrepreneur.
- The company was the contractor of KKU Smart Transit, an NGV public transportation which will be operated in the area of KhonKaen University for the five-year contract (Beginning October 1, 2015, ended September 30, 2020).
- The company signed a Memorandum of Understanding (MOU) with CP ALL and Faculty of Engineering Technology, Panyapiwat Institute of Management (PIM). The tripartite has co-operated to develop a project of alternative energy systems and logistics automotive which generated the first electric commercial vehicle in Thailand.
- The company signed a Memorandum of Understanding (MOU) with Faculty of Engineering, KhonKaen University on September 9, 2015. The main objective is to improve the ability of students, the faculty staffs and CHO staffs and to create the research and development of automotive, public transportation, logistics and rail systems industry management in order to meet the international standard.
- The company established a southern maintenance base in Phun Phin, Surat Thani province, Thailand.
- The company has registered the changes in capital on April, 2015 from THB191,365,325to THB202,559,900due to the 2nd exercises of the company’s stock warrants (CHO-W1) on March 31, 2015 for 44,778,300 units. Thus, the company received THB22,389,150 for the working capital.
- The company had participated in the auction of the 489 units of natural gas (NGV) public transportation buses purchasing project contract of 1,784.85 million baht and the 10 years buses maintenance contract of 2,446.35 million baht by electronics method and the scope of work (TOR) had defined conditions for the repair and maintenance of buses. The government agency announced that the company has won the auction for the repair and maintenance of buses on July 27, 2015. Afterward, The Company had received a canceling letter of the 489 units of natural gas (NGV) public transportation buses purchasing project contract and the 10 years buses maintenance contract on December 3, 2015.
- The company has registered the changes in capital on July 2, 2015 from THB 202,559,900 to THB 205,376,975due to the 3rd exercises of the company’s stock warrants (CHO-W1) on June 30, 2015 for 11,268,300 units. Thus, the company received THB 5,634,150 for the working capital.
- The company has registered the changes in capital on October 6, 2015 from THB 205,376,975to THB206,127,675due to the 4th exercises of the company’s stock warrants (CHO-W1) on September 30, 2015 for 11,268,300 units. Thus, the company received THB 1,501,400 for the working capital.
- The company has registered the changes in capital on January 7, 2016 from THB206,127,675to THB228,478,200due to the 5th exercises of the company’s stock warrants (CHO-W1) on December 30, 2015 for 89,402,100 units. Thus, the company received THB44,701,050for the working capital.
- On July 28, 2014, The Company considered appointing Corporate Social Responsibility (CSR) Board of Directors committed. The President and Chief Executive Officer act as the center for sustainability movement.
- The Company considered appointing The Corporate Governance, Risk Management, Nomination and Compensation Committees.
- On January 7, 2015, The Company was registered the change in its paid-up capital from 180,000,000.00 Baht to 191,365,325.00 Baht from the exercise of the Warrants to purchase of ordinary shares of The Company No.1 (CHO-W1) on December 30, 2014.