WICE Logistics Public Company Limited) (“The Company” or “WICE”) stands for Worldwide Industrial Commercial Enterprise) (formerly Wice Freight Services (Thailand) Co., Ltd.) started international freight forwarder business in 1993, which focused on providing sea fright service that the main route is in Thailand – United States market. The Company has registered capital of 300 million baht as a joint venture between a group of investors in Thailand which had 70% shares and Wice Group, a group of foreign companies that have a good reputation in freight business, located in Singapore and Hong Kong which had 30% shares. Later on, the company has expanded the scope of services to customs clearance.
In 2002 and 2004, Mrs. Araya Kongsoonthorn, the largest shareholder of the company bought shares of the Company from the Group from Hong Kong and Singapore, respectively. Subsequently, the Company shares were held by 100 per cent Thai Nationality. To increase the efficiency of management, The Company rearranged the Company’s structure. In November 2013, there was an amalgamation between Wice Freight Services (Thailand) Co., Ltd., Prompt Freight Logistics Co., Ltd., and Wice Logistics Co., Ltd., as a new company under the former name of Wice Freight Services (Thailand) Co., Ltd. The new registered company had registered and paid up capital of 15 million baht and had an office at Laem Chabang port. Furthermore, in December 2013, the Company increased registered and paid up capital to 180 million baht and had bought 99.99 per cent shares in Sun Express (Thailand) Co., Ltd. and then converted the business to public company limited and changed the name to WICE Logistics Public Company Limited on 3 April, 2015 registered capital of 300 million baht (paid up to 225 million baht).
Sun Express (Thailand) Co., Ltd. (“SUN”), a subsidiary, founded on 21 October, 2002 with registered capital of 3 billion baht, a joint venture between a group of investors in Thailand which had 60 per cent shares and investors from Singapore and Hong Kong which had 40 per cent shares. The main business was to provide International logistics services, including customs clearance services, focusing on air freight services. The office is located at Suvarnabhumi Airport. Currently, the Company is the largest shareholder of 99.99 per cent of the paid-up capital and SUN has registered and paid up capital in a total of 54 million baht.
WICE Logistics Public Company Limited has purchased common stock in the Singapore based company Sun Express Logistics Pte.Ltd. (“SEL”). SEL’s major shareholder was The Mr. Lim Meng Pui Group, owning a total of 700,000 shares (100 percent of SEL shares) at the price of 1 SGD per share. The Group consists of Mr. Lim Meng Pui, Mr. Lien Hock Loong, and Ms. Choo Yie Ngoh. The transaction consisted of a share swap plus a cash payment with a total value of 424,973,343 baht.
There were two stages in the purchase of SEL common stock
stage 1On 15 August 2016 the company made the first payment by purchasing 490,000 shares (70 percent) of SEL common stock. The cash payment of 145,318,327 baht made up 50 percent of the transaction, the rest was by Private Placement, which is the sale of securities to a relatively small number of select investors as a way of remuneration for purchasing not over 51,899,500 SEL shares. The company currently acquired registered capital and paid-in capital with total value of 325,949,750-baht common stock 651,899,500 shares.
stage 2 The Company and SEL has agreed to give the rights to the Company to purchase the remaining 210,000 SEL share (30 percent). The purchase will be completed between January 1st 2020 and August 31st 2020.