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| Rich Asia Corporation Public Company Limited was established by Thai and Hong Kong investors on May 10, 1999 as Rich Asia Trading (Thailand) Co., Ltd., with an initial registered capital of Baht 1.00 Million. The Company aimed to provide and distribute steel products by trading and contracting other manufacturers to produce steel products for the Company. In 2003, the Company has expanded its business to be a manufacturer of structural steel products and the Company increased registered capital to Baht 250 million providing that to purchased machinery to support production and sales increased. In 2004 increased registered capital to Baht 400 million providing that to purchased machinery, investment in distribution center for supporting the growth of sales. In 2006 The Company being listed in the Stock Exchange of Thailand and increased registered capital to Baht 500 million for business expansion, investment of land, plants, machinery for industrial structural steel and for working capital. In 2007 increased registered capital of Baht 1,000 million to support expansion of sales and working capital. Currently, the company has issued and paid-up share capital amount of Baht 2,400 million and the business has managed by Miss Angkakarn Tantiviroon. |
| The Company’s major development can be summarized as follows: |
| 1999 May |
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Established the company named “Rich Asia Trading (Thailand) Co., Ltd.” with
initial registered capital of Baht 1.00 million to operate as a trading company to provide steel products such as hot rolled coil and sheets, structural steels, lip channel steels, billets and other steel products.
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| 2000 January |
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Employed Siam Ferro Industry Co., Ltd.* to provide steel production services. |
| February |
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Employed Inter Metal Tube Alliance Co., Ltd. to provide steel processing services. |
| 2001 January |
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Increased its registered capital to Baht 5.00 million to be used as working capital. |
| 2002 June |
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Increased its registered capital to Baht 75.00 million to be used as working capital. |
| 2003 June |
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Set up plant and warehouse to expanded its business to become a manufacture of steel pipes. |
| November |
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Launch its processing steel products for sale in domestic. |
| December |
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Increased its registered capital to Baht 250.00 million to purchase a steel pipe machine. |
| 2004 December |
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Increased its registered capital to Baht 400.00 million to be used as working
capital.
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| 2005 August |
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Purchase C-Channel machine. |
| 2006 March |
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Changed the name from “Rich Asia Trading (Thailand) Co., Ltd.” to “Rich Asia
Steel Plc.”
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Increased registered capital from Baht 400 million to Baht 500 million and changed par value from Baht 100.00 to Baht 1.00 each which resulted in an increase in the number of ordinary shares from 400,000,000 shares to 500,000,000 shares and converted the company to be public company with the intention to be listed on the Stock Exchange of Thailand. |
| August |
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Listing date as at 31 August 2006 (Trading commencement on 31 August 2006
by Initial Public Offering totaling 100 million shares)
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| October |
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Achieved the approval certificate from Thai Industrial Standards Institute 107-2533 for Hollow structural steel. |
| November |
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Achieved the approval certificate from Thai Industrial Standards Institute 1228-2537 Cold-formed structural steel. |
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Operated the local Distribution Center (D/C) at Tambol Pantainorasingh, Amphor Muang Samut Sakhon, Samut Sakhon Province |
| 2007 April |
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Signed agreement for buying land and building at Tambol Bangprong Amphor
Muang Samutprakarn Province for set up hot rolling mill.
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| June – July |
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Signed contract for purchasing machine for hot rolling steel. |
| December |
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Increased registered capital from Baht 500 million to Baht 1,000 million for
Allocation to existing shareholders 500 Million bath, offering price 2 baht each, par value Baht 1.00 each, the number of registered ordinary shares increased from 500,000,000 shares to 1,000,000,000 shares
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Complete installation of hot – rolling machine and test run for commercial production |
| 2008 May |
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Changed par value of ordinary shares of the company from the value of Baht
1.00 per share to value of Baht 0.10 per share. As a result, the number of
ordinary shares of the company were increased from 1,000 million shares to
10,000 millions shares.
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| July |
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Increasing registered capital from 1,000 millions baht to 1,500 millions baht by
issuing new ordinary shares in number of 5,000 millions shares, par value of Baht 0.10 per share for reservation convertible warrants No# 1 which offered to existing shareholders proportionally.
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| December |
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The Board of Directors meeting no. 9/2008 held on 27 December 2008 passed a resolution approving the company's acquisition of ordinary shares of Thai National Product Co., Ltd. in a total amount of 26,100,600,000 shares each of Baht 0.01 par value, representing 100% of Thai National Product Co., Ltd total issued and paid-up shares in the amount not exceeding 650 million baht The
company is under request for credit facilities from financial institutes. The company should perform this transaction within June 30, 2009.
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| 2009 May |
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Decreasing registered capital from 1,500 millions baht to 1,000 millions baht due to the cancellation of the issue and offer of warrants to purchase new
ordinary shares of the Company No. 1 in the amount of 5,000,000,000 units
to the existing shareholders of the Company in proportion of shareholding.
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| August |
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The Board of Directors meeting no. 4/2009 held on 14 August 2009 passed a
resolution approving the extension of schedule the Company’s acquisition of ordinary shares of Thai National Product Co., Ltd. and the share payment period from ending June 30, 2009 to ending September 30, 2009. The seller group has agreed and not objected to the extension of schedule as mentioned here above. The seller group reserve the right in case of they can sell such shares to the other persons who offer the higher price. In case of termination the transaction, the seller group maintains the condition of return deposit in full amount of 200 million Baht within 60 days without interest charge commencing from the date of termination.
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| November |
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The Board of Directors meeting no. 5/2009 held on 14 November 2009 passed
a resolution approving the extension of schedule the Company’s acquisition of ordinary shares of Thai National Product Co., Ltd. and the share payment period from ending September 30, 2009 to ending February 28, 2010. The seller group has agreed and not objected to the extension of schedule as mentioned here above. The seller group reserve the right in case of they can sell such shares to the other persons who offer the higher price. In case of termination the transaction, the seller group maintains the condition of return deposit in full amount of 200 million Baht within 60 days without interest charge commencing from the date of termination.
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| 2010 April |
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The Meeting of the Board of Directors no. 3/2010 held on April 2, 2010 has
resolved to approved the extension of schedule the Company’s acquisition of ordinary shares of Thai National Product Co., Ltd. and the share payment period from end February 28, 2010 to be ended May 31, 2010. The seller group has agreed and not object to the extension of schedule as mentioned here above. The seller group reserve the right in case of they can sell such shares to the other persons who offer the higher price. In case of termination the transaction, the seller group maintains the condition of return deposit in full amount of 200 million Baht within 60 days without interest charge commencing from the date of termination.
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| May |
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The Company has obtained credit facilities support and performed investment
transaction in Thai National Product Co., Ltd. by acquisition of ordinary shares in a total amount of 26,100,599,998 shares each of 0.01 Baht par value representing 100% of Thai National Product Co., Ltd. paid-up capital and has registered as shareholder in Thai National Product Co., Ltd. with the Registrar, Business Development Department, Ministry of Commerce. Hence the company has negotiated and agreed to purchase ordinary share at the price Baht 635.00 Million.
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| December |
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The Meeting of the Board of Directors No.8/2010 held on December 23, 2010 has resolved to approved the Company’s acquisition of ordinary shares of Siam Ferro Industry Co., Ltd.* in a total amount of 10,954,556 shares each of Baht 100 par value, representing 76.88%of Siam Ferro Industry Co., Ltd.’s* total issued and paid-up capital, at the price of Bt.73 each, in the total amount of Baht 799,682,588. |
| 2011 March |
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Registration of the alteration of par value from the existing par value of Baht 0.10 (Ten Satang) each of 10,000,000,000 shares (Ten thousand million shares) to be at the par value of Baht 1 (One baht) each of 1,000,000,000 shares (One thousand million shares) and the amendment of Clause No. 4 of the Company's Memorandum of Association in accordance with the alteration of the par value and number of the Company's shares. |
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Increase of the Company’s registered capital from Baht 1,000,000,000 to Baht 1,500,000,000 by issuing 500,000,000 new ordinary shares at a par value of Baht 1.00 to reserve for the company and subsidiaries’ working capital and / or to reserve for business expansion of the company and subsidiary company. |
| August |
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Officially closed the factory and distribution center located on 64/7 Moo 1, Rama 2 Road, Tambol Kok-krabue, Amphur Muang Samutsakorn, Samutsakorn due to the rental contract was expired and there was no extension. |
| December |
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The Meeting of the Board of Directors No.8/2011 held on December 2, 2011 passed a resolution approving the sale of partial ordinary shares of Siam Ferro Industry Co., Ltd. (“Ferro”)* held by the Company in a total amount of 3,562,106 shares each of Bt. 31 par value, representing 25.00% of Ferro’s total issued and paid-up capital, at the price of Bt. 80 each, in the total amount of Bt. 284,968,480 to Wealth Fortune Assets Ltd total of 2,849,685 shares and Mr. Sunthorn Chitboonthaweesuk total of 712,421 shares. |
| 2012 July |
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Decrease the registered capital from Baht 1,500,000,000 to Baht 1,000,000,000
by deducting the unissued registered shares of 500,000,000 shares with the par value of Baht 1.00 per share before increase the new capital.
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| August |
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Increase the registered capital from Baht 1,000,000,000 to Baht 4,000,000,000
by issuing 3,000,000,000 new ordinary shares with the par value of Baht 1.00 per share which consists of issue and offer 2,000,000,000 new ordinary shares to the existing shareholders and reserve for exercising the right of Warrant-PP allotted to through private placement the lenders who agrees to grant loan to the Company and/or its subsidiaries in the amount of not exceeding 1,000,000 shares.
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| September |
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Registered the paid-up capital from Baht 1,000,000,000 to Baht 1,002,913,226 and amended Clause No. 4 of the Company's Memorandum of Association with Department of Business Development, Ministry of Commerce. |
| December |
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Relocate Head Office from 272 Soi Wat Channok, Rama III Road, Bangkorlaem, Bangkok 10120 to 636 Bangkhuntien-Chaitaley Road, Thakham, Bangkhuntien, Bangkok 10150 due to the rental contract was expired. |
| 2013 November |
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Mr. Prapat Chongsanguan, governor of State Railway of Thailand and Management team has visited Thai National Product Co., Ltd. factory (Subsidiary of
Rich Asia Corporation Public Company Limited) which has diversified a new product : “Concrete Sleepers”.
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| 2014 April |
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Decrease the registered capital from Baht 4,000,000,000 to Baht 1,002,913,226
by deducting the unissued registered shares of 2,997,086,774 shares with the par value of Baht 1.00 per share before increase the new capital.
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Increase the registered capital from Baht 1,002,913,226 to Baht 1,322,913,226 by issuing 320,000,000 new ordinary shares with the par value of Baht 1.00 per share as reservation for conversion of right of convertible debentures for the issue and offer for sale of convertible debentures in a sum of not exceeding Singapore Dollar 20 million or an equivalent amount in other currency to a specific foreign investor (Private Placement) that is Advance Opportunities Fund (“AO Fund”). |
| June |
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Issue and offer for sale of the newly Convertible Debentures to AO Fund totaling SGD 400,000 which is Baht 10 Million (Exchange rate of Baht 25 per SGD 1) |
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Registered the paid-up capital from Baht 1,002,913,226 to Baht 1,025,640,498 with Department of Business Development, Ministry of Commerce. |
| November |
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Decrease the registered capital from Baht 1,322,913,226 to Baht 1,025,640,498
by deducting the unissued registered shares of 297,272,728 shares with the par value of Baht 1.00 per share before increase the new capital. |
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Increase the registered capital from Baht 1,025,640,498 to Baht 2,400,000,000 by issuing 1,374,359,502 new ordinary shares with the par value of Baht 1.00 per share to accommodate the allocation of the newly issued shares to the shareholders proportionate to their shareholding (Rights Offering) at a ratio of 1 existing share per 1 new share, at the offering price of Baht 0.30 per share and to four specific persons (Private Placement) who are not connected persons of the Company, namely, (1) Mr. Wichai Wachiraphong (2) Mr. Kiatichai Lohachitranont (3) Miss Suratsawadee Raiput and (4) Miss Ornuma Supornsirikul at the price of Baht 0.30 per share. |
| December |
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Registered the paid-up capital from Baht 1,025,640,498 to Baht 2,400,000,000 with Department of Business Development, Ministry of Commerce. |
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Disposal of the shares in Thai National Product Co., Ltd. (“TNP”), a subsidiary of the Company, amounting to 18,000,000 shares at the par value of Baht 10 or equivalent to 66.42 percent of TNP’s registered capital, at the price of Baht 30 per share, totaling of Baht 540,000,000 to (1) Dr, Phasin Suebsubanunt (2) Mr. Thiti Kittipattananon and (3) Miss Duendara Limthanakul. |
| 2015 February |
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Invest by setting up a subsidiary, Rich Asia Engineering Co., Ltd., was established on February 19, 2015, which operates supply of equipment and technology, including invest in utilities and infrastructure. The company holds shares in the proportion of 90% of its registered capital amount of Baht 1.00 million. |
| May |
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Issued and offered the 1st debentures in the amount of Baht 500 million. The form of debentures are identified holder, unsubordinated, unsecured and without debenture holders’ representative; by offering to the Private Placement and/or institutional investors under the II/HNW Rule on April 27 - 29, 2015, in which the Company has already received proceeds in full. The debenture’s age is about 1 year 9 months (from April 30, 2015 to January 30, 2017), with interest rate 6.50% per year. |
| July |
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Issued and offered the 2nd debentures in the amount of Baht 500 million. The form of debentures are identified holder, unsubordinated, unsecured and without debenture holders’ representative; by offering to the Private Placement and/or institutional investors under the II/HNW Rule on July 13 - 15, 2015, in which the Company has already received proceeds in full. The debenture’s age is about 2 years (from July 16, 2015 to July 16, 2017), with interest rate 6.50% per year. |
| October |
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Issued and offered the 3nd debentures in the amount of Baht 300 million. The form of debentures are identified holder, unsubordinated, unsecured and without debenture holders’ representative; by offering to the Private Placement and/or institutional investors under the II/HNW Rule on October 26 - 28, 2015, in which the Company has already received proceeds in amount of Baht 230 Baht. The debenture’s age is about 1 year 11 months 29 days (from October 29, 2015 to October 28, 2017), with interest rate 6.20% per year. |
| 2016 January |
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Rich Asia Engineering Co., Ltd. (Subsidiary) was increase the registered capital from Baht 1.00 million to Baht 80.00 million by registered the paid-up capital amount of Baht 20.75 million. The company holds shares in the proportion of 95% of its registered capital which the subsidiary will be used the increased capital as invest to expand the business. |
| Note |
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Siam Ferro Industry Co., Ltd. has changed its name to Rich Asia Industry Co., Ltd. on September 17, 2015. |
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