troubled waters entice thailand's charlermchai mahagitsiri - plastic film packaging
Today is Monday night, my master's favorite sushi bar is full of guests sitting on the hippest residential street in Bangkok --to-
The diners burst into sheds.
In his counter seat, 33-year-old Chalermchai Mahagitsiriyear-
Old ears of coffeeto-
The steel business family tends to ask Thai chefs about daily specials.
Or in other words, what's fresh on board?
Pleased with his sushi choices, Mahagitsiri turned his attention to another Marine dilemma: how to revive a troubled shipping company with global overcapacity.
In late 2011, after a fierce public battle between management and disgruntled shareholders, Mahagitsiri quietly accumulated a 14% stake in Thailand's Solon institution (TTA). A Jan.
31 general meeting for him and 4 allies in 11-person board (
A former state.
Having the CEO of an oil company since being appointed chairman).
Now he's trying to figure out what the TTA is that tastes suspicious, dry-
Bulk owner's four-year profit fell by 90% due to lower freight charges
The new investment attracted capital.
"We all want to turn things around," he said . " He pointed out the tension with management.
The rebirth of the troubled TTA will be a defense of the United StatesS. -
The well-educated Mahagitsiri wants to move home wealth to new businesses.
He estimates that his family has invested more than $67 million in TTA shares and points to shares of similar prices acquired last year by listed real estate developer Golden Land.
More investment plans for the Powder Metallurgy Group, the holding company named Prayudh Mahagitsiri, the patriarch of the clan, the net value of property Forbes Asia estimated in 2011 at $0. 9 billion.
Thaksin is a close ally of former Prime Minister Thaksin Shinawatra and Prime Minister Mahagitsiri.
He set up a coffee joint venture with Nestle and then developed in the direction of plastic film packaging and stainless steel.
After South Korea's steel giant Posco acquired a majority stake in Thainox Stainless steel Plc, the family grew rapidly.
$0. 287 billion.
The agreement took three years to complete and ended on last July, just after the election of Yingluck Shinawatra
Ousted prime minister in 2006 coup
With the support of his father's little Mahagitsiri
He served in the Thaksin government.
He also used his good fortune for acting, modeling and anchoring, leaving a bad name in Bangkok's gossip rags that were happy to pair him with the glamorous stars (
He insisted that these were untrue. “I’m single”).
His recent shift in public view was not smooth.
Fate: at the end of February, when he was speeding on the highway, he fell his ankle from his new Ducati motorcycle.
After a month at the hospital, he got back on his feet and again focused on the family's business holdings.
"My goal is to create wealth.
"No matter what I create for my family, it's not for me," he said . ".
TTA has not created much wealth recently.
In fact, it's pell
The diversity of coal trading and offshore oil services is the opposite.
Net profit from 25. 5% in 2007 to 0.
To 8% this year. 30.
Consolidated revenue fell to $0. 113 billion in the last quarter of 2011
The previous loss of $0. 154 billion was $18.
6 million damaged due to expired suppliers and bank loans.
Foreign investors avoided the stock, although it was given a speculative boost during the shareholder uprising.
The company's share price has been kept at about half the book value, which has sparked rumors of a new owner breaking up.
Youssef Abboud, senior shipping analyst at Thanachart Securities in Bangkok, said any shift in profitability seems to be far beyond expectations.
"I looked at the company and said, 'Show me the money.
"Their records are not good, especially in the last two years," he complained . ".
Mahagitsiri is worried about TTA's poor performance, but does not want to make any rash moves.
When he put a spear on the sushi roll, he ran through the merits of the sushi roll (
Offshore oil and gas services)
And weaknesses (
Non-productive coal assets.
But he is optimistic about his stock position.
"Compared to the book value, the price I got in [at]
"This is a good investment," he said.
Mahagitsiri was born in Bangkok and spent two years at a boarding school in the UK before studying business at Boston University.
After returning to Thailand, he had a side seat in the rise and fall of Thaksin, who made him his assistant.
After his exile in Shinawatra, Mahagitsiri began his own acting career, setting up his own company, 411 Entertainment, to be responsible for the promotion of Korean pop concerts.
He is not ready to follow his father into the family business.
"I went to do something outside of his shadow and it wouldn't protect me," he said . ".
Even now, with his increasing responsibility in the PM group, he still plays a role in the TV series.
This is a way to get out of the office and take off your skin.
"I don't always want to be myself.
It's good to be someone else to change, "he admits.
Mahagitsiri said he understood his son's wishes.
"As young people, they like to prove that they have their own abilities and abilities," he told Forbes Asia . ". The 67-year-
The old businessman admitted that when his eldest daughter Osani became a Krispy Kreme franchisee in 2010, he was not sure, but he was rejected.
"My child said it would be a big prize," he said . ".
The truth is: Thais lined up around the block to buy donuts. Mahagitsiri Jr.
In 2008, before the court dissolved an elected pro-government figure, I served as the second short-lived government spokesman.
The ousted leader is a friend of Prayuth and his family is still very nervous.
On 2010, after the military cracked down on anti-government forces,
During the protests in Bangkok, authorities temporarily frozen the bank accounts of Prayudh suspected of funding "terrorism.
Despite these blows, Chalermchai Mahagitsiri has not given up in her future political career.
"I want to focus on business now.
"Politics can come later," he said . ".
In addition to Thainox, which holds a 10% stake, the family also owns a country club outside Bangkok and an abandoned copper smelter.
The market value of polyfilm producer is $63 million.
But the biggest source of cash is quality coffee, which dominates the Thai instant coffee market.
Mahagitsiri holds a 50% stake in Nestlé, which is operated by Nestlé with a net profit of 20%.
Although Prayudh enjoys his reputation as a Thai "gentleman"
His son is ambitious to build a Thai brand with PM Group.
"I'm trying to build a new corporate image.
My dad, he's the same.
He built himself.
But this is a new generation. I believe in brands. "He said.
Not the old Mahagitsiri.
Despite his son's suggestion, he seems to be retiring soon.
He insisted that Thai businessmen had never completely withdrawn, adding that he was focusing on investments in TTA.
"In my experience, I am always ready to make a comment," he said . ".
In fact, the third generation of Chalermchai belongs is made in Thailand
His 14-year-old grandfather immigrated from southern China to Thailand, where he began trading in food and later imported from Japan --made tuk-tuks.
Buying a shipping company brings a complete family circle to those beepstuks.
As its name Thoresen suggests, TTA's roots were the Norwegian shipping company established in Hong Kong in 1904.
By 2005, descendants of the Norwegian had left the company, leaving no voice of control.
This has made Thailand, where family and state-owned enterprises have become the norm, unusual and laid the foundation for last year's fighting.
Mahagitsiri said that without the leadership of the captain, TTA is actually wandering, which is the role he likes now.
"This is your child when you have a stake in a company.
You have to take care of your children more.
"This is your blood," he said . ".
One rebuttal that the family
Running large business groups is not good for a small number of investors because they do not always share the benefits equally with the holding family.
Criticism of Mahagitsiris has reached a level.
After announcing $2005 in capital, 0. 47 billion shares of Thainox were suspended --
An IPO at a steel plant came up with a financing plan just two months later.
Investors also asked an unlisted family company about buying expensive land.
Chalermchai and his two sisters then resigned from the board.
TTA's shareholder uprising brought CEO Chandra into conflict with a group of investors demanding board seats.
Chandra attacked so in public-
Known as corporate raiders, and play a secret recording of their meetings.
The chairman of the rebel-backed Securities and Exchange Commission was later forced to resign after protests by his staff.
Disgruntled shareholders said Mr. Chandra had misrepresented his approach as an offer, but he still did not regret it.
"I did what anyone would normally do.
Can you prove your grasp?
"You should come to the board and make your presentation and we will start there," he said . ".
As the feud subsided, Mahagitsiri began to buy shares in the TTA downturn.
By December, the family had become the biggest shareholder and was hailed as a white knight by troubled executives.
"They want to further develop and develop TTA and I would be more than happy to work with them," Chandratat said . ".
The family has had an indirect connection with the company.
In 2009, TTA acquired a 40% stake in Petrolift, a Philippine tanker.
Its principal, a Filipino, married Ausanee Mahagitsiri.
Two Chalermchai and Chandratat describe this match
As a coincidence.
"The deal was brought to us by an old friend of mine in the Philippines who was a consultant to the family.
The world is small, right?
Mahagitsiri said he had followed the TTA before Petrolift because he was keen to invest in shipping.
But he shook his head at the company's other 2009 deal, the acquisition of unique mining services. UMS)
A coal logistics company
UMS shares soared on seemingly generous purchase prices and then collapsed after the transaction was completed (
It's not recovered yet).
Last year, it was ordered to close one of its factories because of coal. dust pollution.
Mahagitsiri complained that the investment had not yet been written down.
The deal may also bother TTA again: Chandra and his chief financial officer are conducting a judicial investigation into malpractices suspected of committing crimes.
Both denied wrongdoing.
Chandra defended the terms of the acquisition.
"We expect our investment in UMS to be fully recovered within seven to nine years," he said in an email . "Mail Reply
But with the Mahagitsiri family tightening control, he may not see this happening.
Expect more rough sailing.