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Vehicle designer CHO raises Bt360m on the MAI

Cho Thavee Dollasien (CHO), a designer and developer of vehicle bodies and automobile engineering systems for commercial use, has raised capital of Bt360 million from the general public through an initial public offering on the Market for Alternative Investment from May 2-3 and on May 7.



Suradech Thaveesaengsakulthai, the company's managing director and chief executive, said listing CHO on the MAI would strengthen the company's working capital. Part of the funds raised will be invested in research and development of commercial automation systems.

The funds will also be used to construct a factory producing polyurethane foam insulation, which is used in making fibreglass food containers for cold storage.

CHO's three major shareholders after the IPO are Suradech Taweesaengsakulthai (45.21 per cent), Wadsana Taveesaengsakulthai (5.78 per cent) and Thunyarat Taveesaengsakulthai (4.63 per cent).

The company's dividend policy is to pay no less than 40 per cent of its net profits after corporate taxes and reserves.

Chanitr Charnchainarong, MAI's president, said CHO was the sixth company to be listed on the second-tier market this year. The company designs and develops vehicle bodies and automobile engineering systems for commercial use.

It is also a world class coordinator of rail logistics and vehicles used by defence forces, with professional management, he said. Its products and services are all made-to-order for private and government clientele, both in Thailand and overseas.

Currently, CHO's major revenue is from designing and manufacturing high-loader trucks for aircraft's catering services. CHO is one of the three producers in the world that can design and assemble catering trucks for the Airbus A380 superjumbo.

The company has also provided services to various projects including consulting for offshore patrol vessels, as well as maintenance services for Tesco Lotus.

CHO has paid-up registered capital of Bt180 million, with a par value of Bt0.25, comprising 520 million existing common shares and 200 million newly issued shares.

The company sold 44 million shares to the general public through an IPO on May 2-3 and May 7 at Bt1.80 per share, for a total of Bt360 million.

Asset Pro Management Co is the company's financial adviser, and Phillip Securities (Thailand) is its underwriter.


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