Due to the slowdown of global economic situation, as such no specific measures were announced to invigorate the construction material market. However, it has been a remarkable year for Thailand as the Thai economic growth rate was greater than the previous two years. As a result, the construction materials sector, which is directly linked to the real estate and construction industries, has grown up vividly due to the government has consistently approved several investment projects including the development of motorways, rail transport infrastructure (inc MRT transportation in Bangkok Metropolitan Region), intercity double-track railway development and medium-high speed railways. With all of these projects in the pipeline it is believed that the construction material business will continuously grow for years to come.
The Company indirectly received orders from government investment projected as mentioned above, which is double-track railway, development of motorways. As a result, the Company’s revenue and orders have increased. Moreover, the Company successfully executed several business development schemes in 2016, for example, the approval to construct a pre-stressed concrete pile factory located in PathumThani Province. The shares repurchase project for financial management (treasury stock) with the number of shares repurchased was 165,000,000 shares, and the share resale period has been fixed to be from 1 – 15 February 2017.At the end of above mentioned share resale period, the Company has not sold the repurchased shares; therefore, the Company decreased its paid up capital shares by writing off such unsold repurchased registered shares, and it has registered this amendment paid up capital on 24 February 2017.
The Company, also, approved the capital increase in Seven Wire Co., Ltd., which is the subsidiary of the Company (held99.99% shares). Millcon Thiha GEL Ltd., situated in Republic of Union of Myanmar, has already obtained the Letter of Approval of Factory Operation form Thilawa Special Economic Zone Management committee and also officially started its commercial operation. Also, one of our most successful achievements of the year was earning the good corporate governance (3 scores) for the first time in the 50-year period. This award outlines the direction that reflect our commitment to follow the good governance, integrity, transparency to our stakeholder; customers, suppliers, employees, shareholders, and surrounding communities.
The company aims for a sustainable long-term growth from its determination to execute transparent management, oppose of all kind of corruption, and uphold good governance. So that the Company can become an exceptional organization that operates with integrity, honest and trustworthy. This will ultimately profit our employee, shareholders and all stakeholders in the long run. Lastly, the company is proud to inform our shareholders and stakeholders that even though we have to face so many challenges and obstacles, but with our management and employee’s utmost determination and dedication, together with decisive strategic adaptation of our management team, our Company will be able to wage through any challenge and obstacle and attain our desired goal, as always.
On behalf of all the Board of Directors, I wish to express my heartfelt gratitude to all of our customers and shareholders. Your continued support is greatly appreciated. I would also like to thank all directors, executives and employees for the devote dedication to the Company.
Chairman of the boards