Chinese company 49% stakeholder in contractor of collapsed building
4 workers confirmed dead at site of 30-storey State Audit Office building in Chatuchak
A Chinese company holds 49% shares in a Thai company that is part of the joint venture responsible for constructing the 30-storey building of the State Audit Office (SAO) in Bangkok’s Chatuchak district, Thansettakij newspaper reported on Saturday.
The under-construction building collapsed on Friday afternoon due to the impact of the 8.2-magnitude earthquake near Mandalay, Myanmar, about 392 kilometres from Thailand’s Mae Hong Son province.
As of 10pm on Friday, four workers were confirmed killed in the collapse, while nine were injured and 117 were still missing.
According to the SAO, construction of the 30-storey building being built at a cost of 2.13 billion baht began in 2020. The construction was carried out by the ITD-CREC joint venture and supervised by the PKW joint venture.
ITD-CREC consists of Italian-Thai Development Plc and China Railway Number 10 (Thailand) Ltd.
Thansettakij reported that China Railway Number 10 Thailand was established on August 10, 2018 as a construction contractor for office buildings, residential buildings, railways, public roads, and underground railways, with a registered capital of 100 million baht.
The company’s largest shareholder is China Railway Number 10 Engineering Group Company, from China, which holds 490,000 shares, or 49% of its entire shares.
Under Thai law, 49% is the maximum stake foreign companies can hold in a Thai company.
China Railway Number 10 Thailand reported a net loss of 199.66 million baht in 2023, from a revenue of 206.25 million baht and expenses of 354.95 billion baht.
The company has three Thai shareholders, namely Sophon Meechai, 407,997 shares (40.80%), Prachuab Sirikhet, 102,000 shares (10.20%), and Manas Sri-anant, 3 shares.
Sophon, who also serves as a company director, reportedly holds significant shares in five other companies, namely Haihan (51%), United Star Group (25.5%), Siam Biomedical Science (10%), Cyber Telecom (60%), and AT Capital Solution (60%).
Prachuab, meanwhile, reportedly holds shares in six other companies: Avana International (27.9%), Wheel Mart Thailand (9.08%), STP Import-Export Thailand (37.48%), Choknimit Business and Service (30%), Star Label Inter Group Thailand (20%), and Suntiphab Property (12%).
Manas, who holds only three shares of China Railway Number 10 Thailand, also has holdings in 10 other companies: Wheel Mart Thailand (45.03%), Avana International (52.1%), Suntiphab Import-Export (48%), STP Import-Export Thailand (62.48%), Choknimit Business and Service (40%), Siam Biomedical Science (70%), Star Label Inter Group Thailand (31%), United Star Group (25.50%), Suntiphab Property (12%), and Bee Express Thailand (1%).
