3 Years, 3 Businesses with OCEAN!
OCEAN has made two structural changes in the business in the last three years. The coming of the Teera Chutivaraporn could make the third change.
Ocean Commerce Public Company Limited (OCEAN) has done it again, making a major structural change for the third time in three years.
The origin of OCEAN is a company operating in selling faucets, but due to a high competition from Chinese sellers that penetrate the Thai market, causing the company to record continuous loss, the company decided to make a change.
The former major shareholders decided to step down, opening the way to the new group of investors, Lamair Palm Oil Co., Ltd., led by Chatchaya Tritrakulchai through a private placement to administer.
After the private placement, Tritrakulchai Family has become the major shareholder of OCEAN, including some new faces from Lamair Palm Oil to the Board of Directors positions.
The business direction that used to focus on selling faucets shifted to selling palm oil instead, which is now Lamair Palm Oil’s profession.
The business was doing quite okay, occasionally seeing the bottom line in the financial statement on a positive side at the end of earning seasons and starting to regain its profit.
However, there were some unusual movements since the end of 2019 after Chatchaya Tritrakulchai sold 110 million shares of OCEAN’s ordinary shares in a big lot transaction, equivalent to 9.11% of total stake to Teera Chutivaraporn.
The effort in selling OCEAN’s shares from Chatchaya Tritrakulchai in succession resulted in Chutivaraporn to hold 20.11% of OCEAN shares, while Chatchaya Tritrakulchai fell from the top 10 list of OCEAN’s major shareholders. Even though the same of Jirat Tritrakulchai still appeared among the leaders, but also at a lower amount compared to Chutivaraporn.
The seat in OCEAN’s Board of Directors also changed constantly. There are four CFOs over the period of three years.
As for its core business, there has yet to be a solid guideline from the company aside from maintaining its usual business, which is palm oil. However, the company also jumped on the trends of hemp products by signing an MOU with JSP Industrial Pharmaceutical Factory (Thailand) Public Company Limited, a company that specialize in producing dietary supplements and pharmaceutical products.
Maybe the current “OCEAN” under the helm of Teera Chutivaraporn is expecting to shift the business to produce hemp-related products.
In the meantime, the new major shareholder of OCEAN also has an expertise in property development as well from being an executive assistant to the CEO of “V Property,” a developer that brings IKON condo to various hot spots in Bangkok.
The saying of “Three Business in Three Years” might come true in the near future.