FROM TCC GROUP TO ASSET WORLD CORPORATION

TCC Group was established by Mr. Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi in 1960. Through gradual, continuous expansion and improvement, the enterprise evolved into the dynamic group it is today. There are five divisions within TCC Group: beverages, retail, finance & insurance, agri-industry and real estate.

The real estate division began by investing in land. Out of this, in 1994, came Imperial Hotel Group and a joint venture with Capital Land Co., Ltd. in 2003. The operation transformed into a full- fledged real estate enterprise named TCC Land Group. Today the burgeoning operation is branded “ASSET WORLD CORPORATION” or AWC, comprising a comprehensive, constantly growing, all-in-one real estate enterprise group that implements the vision of Mr. Charoen and Khunying Wanna Sirivadhanabhakdi with utmost effectiveness. AWC, effectively manages acquisitions of real estate properties and transitions the company to a fully integrated real estate group owning a diverse portfolio of projects in strategic locations. In 2012, the company launched Asiatique The Riverfront Destination, an integrated lifestyle-based tourism center located on the Chao Phraya River which quickly became a popular destination among Thais and international visitors.

In May 2009, TCC Group established Asset World Corp PCL (formerly First Destination Company limited) as an investment holding and real estate company to effectively manage acquisitions of real estate properties and transition the company to a fully integrated real estate group owning a diverse portfolio of projects in strategic locations. In 2012, the company launched Asiatique The Riverfront Destination, an integrated lifestyle-based tourism center located on the Chao Phraya River which quickly became a popular destination among Thais and international visitors.

Going Public

In September 2018, Asset World Corp PCL was registered as a public company. In April 2019, the company increased its authorized capital from 24 billion to 32 billion baht allocating newly issued ordinary shares for the public to purchase for the first time via an initial public offering worth over 48,000 million baht, making it the largest real estate IPO in the world and the largest IPO ever traded in five years on the SET at the time.

On 10 October 2019, Asset World Corp PCL was listed on the Stock Exchange of Thailand (SET) in Property and construction groups (PROPCON) under the ticker symbol ‘AWC’.

Solid Growth

As a holding company, Asset World Corp PCL invests in two major business segments: 1) Hospitality under TCC Hotel Asset Management Company Limited (THAM), and 2) Retail & Commercial Buildings under Asset World Retail Company Limited (AWR) and Commercial Property Management Company Limited (CPM).

HISTORY AND DEVELOPMENT OF THE COMPANY

1976
TCC Group established. 1976
1994
TCC Group acquired the Imperial Hotels Group, which owns seven hotels and land, including five hotels. 1994
1996
TCC Group acquired Empire Tower. 1996
2001

TCC Group acquired Pantip Plaza Pratunam.
Plaza Athenee Bangkok opened.

2001
2008
Athenee Tower opened. 2008
2009
TCC Group established First Destination Co., Ltd.
2010
Banyan Tree Samui opened. 2010
2012
Asiatique The Riverfront Destination opened. 2012
2013

Vana Belle, a Luxury Collection Resort, Koh Samui, Hilton Sukhumvit Bangkok, Double Tree by Hilton Sukhumvit Bangkok, and Vana Belle a Luxury Collection Resort Koh Samui opened.

2013
2016
25 October 2016
First Destination Co., Ltd. becomes Asset World Corp Company Limited.
Bangkok Marriott Marquis Queen’s Park opened (formerly the Imperial Hotel).
Hua Hin Marriott Resort & Spa and Phuket Marriott Resort & Spa, Nai Yang Beach opened.
2016
2017
Plaza Athenee Bangkok Hotel was renovated into The Athenee Hotel, a Luxury Collection Hotel, Bangkok.
9 May 2017
Registered capital increased from THB 4.43 million to THB 9 billion to acquire Asset World Retail Company Limited (AWR), TCC Hotel Asset Management Company Limited (THAM), and Commercial Property Management Company Limited (CPM); to provide loans to AWC subsidiaries.
19 May 2017
Asset Group 1 is acquired through THAM, AWR and CPM, from the Thai Hotel Investment Freehold and Leasehold Property Fund (THIF), Thai Retail Investment Property Fund (TRIF), and Thai Commercial Investment Freehold and Leasehold Fund (TCIF).
2018
Bangkok Marriott Hotel The Surawongse opened.
Lasalle's Avenue opened.
Gateway at Bangsue opened.
14 August 2018
Registered capital increased from THB 9 billion to THB 24 billion.
18 September 2018
Asset World Corp PCL went public.
18 December 2018
Asset Group 2 acquired through THAM and AWR from members of TCC Group as part of the business restructuring.
2019
February 2019
AWR acquired 75% of Wanna Charoenkij Company resulting in 100% ownership. AWR and AWC acquire full ownership of Asset World Trading Company Limited which operates AEC Trade Center Online, an online commerce platform.
March 2019
A share purchase agreement is made, through THAM and AWR, to acquire Asset Group 3 from members of TCC Group.
April 2019
Gateway Ekamai Management Agreement was signed by AWR to manage Gateway Ekamai, a retail property owned by TCC Group. The second Annual General Meeting of Shareholders on April 30 approved the capitalization and allocation of newly issued ordinary shares as follows:
  • Increase in registered capital of THB 8,000 million totaling THB 32,000 million.
  • Newly issued ordinary shares not exceeding 6,957 million shares with a THB 1 par value offered to the general public for purchase for the first time.
  • Over-allotment not exceeding 1,043 million ordinary shares with a THB 1 par value not exceeding 15% of newly issued ordinary shares offered to the over-allotment agent.
May 2019
MOU signed with Thippatana Arcade Co., Ltd. and Asiatic Hotel Collection Co., Ltd. to invest in Gateway Ekamai and the extension of Asiatique The Riverfront Destination.
10 October 2019
AWC was successfully listed on the Stock Exchange of Thailand (SET) under the property development category. A total of eight billion shares priced at 6 baht per share consisting of 6,957 million newly issued ordinary shares and an over-allotment option of 1,043 million shares.
Asset World Corporation Success Stories of 2019
2020
January 2020
Acquisition of Group 3 assets, through THAM and AWR.
Meliá Koh Samui, Thailand (formerly the Imperial Boat House Beach Resort) opened.
MOU signed with Intercontinental Hotels Group (IHG) on the development of over 1,200 rooms.
August 2020
The Gallery under AWC are certified with terms and conditions from Amazing Thailand’s Safety and Health Administration (SHA).
Key MOU signed with Marriott International on developing world-class hotels by bringing together three upscale hotel brands under 'Ritz-Carlton Reserve' brand (JW Marriott Hotel, Asiatique Bangkok, and Autograph Collection), to the Chao Phraya River and Pattaya beach.
October 2020
Asiatique The Riverfront Destination returns under the ‘Heritage Alive’ concept, together with the launch of the Sirimahannop Tall Ship, a new landmark on the Chao Phraya River.
Banyan Tree Krabi Hotel, a new and exceptional destination opened on Tubkaek beach.
AWC received green loan (about US$ 144 million) by the World Bank Group's International Finance Corporation (IFC).
The first 'green loan' issued to a real estate company in Thailand.
November 2020
MOU signed with Huawei to develop a “Smart Living” platform as part of a pilot ecosystem.
AEC Trade Center - Pantip Wholesale Destination, Thailand’s first fully integrated wholesale trade center, opened in the heart of Bangkok, in a partnership with the Department of International Trade Promotion (DITP), Thai Chamber of Commerce and Board of Trade of Thailand, The Federation of Thai Industries, 11 trade associations, and major partner ‘Yiwu’ (“Yiwu Selection) to expand business opportunities and sales channels by accessing new customers in both domestic and foreign markets.
Asset World Corporation Success Stories of 2020