Thai Wah Starch Public Company Limited (“TWS”) (originally known as Thai Wah Co.,Ltd.) was incorporated in 1947 to initially buy wolframite, an iron oxide of tungsten.
TWS entered the tapioca business by buying flour from many existing small factories in order to export to the United States of America. TWS decided to expand the tapioca business by buying cassava roots and processing its own tapioca flour.
TWS opened its first tapioca factory, known as Thai Wah 1, and sold tapioca flour marketed under the company’s own “ROSE” brand and was welcomed by international buyers because its quality met international standards.
While TWS continued to develop its tapioca business, Thai Wah Food Products Public Company Limited (“TWFP”) was pioneering the vermicelli business in Thailand. In 1952, TWFP established a 13.5 rai factory in Bangna, Bangkok, producing a superb quality mung bean vermicelli.
By 1963, TWS had become Thailand’s largest exporter of tapioca and its production of flour continued to increase steadily for the next 20 years. The main location of the cassava plantations had expanded to Thailand’s northeast, leading TWS to build factories in Nakorn Ratchasima, Udon Thani, Kalasin, and Kamphaeng Phet.
Over the years TWFP successfully grew its business and is widely recognized today as the leader in the local vermicelli market with approximately more than 40 percent market share. Its products are well recognized under the “Double Dragon”, “Phoenix” and “Double Killin” brands. TWFP expanded its business by establishing the largest vermicelli factory in Thailand in Banglane District, Nakorn Pathom Province.
TWFP was successfully listed on The Stock Exchange of Thailand.
TWS set up starch plant in Vietnam and expanded line to glucose business by co-investing with a state enterprise in Vietnam to establish a joint venture company, Tay Ninh Tapioca Joint Stock Company originally known as Tay Ninh Tapioca Company Limited, to produce and distribute tapioca starch and glucose syrup. TWS held a 70 percent interest in the Vietnamese company.
TWFP started production and distribution of rice noodles. TWFP expanded its rice noodle and rice vermicelli production capacity by constructing a new factory in the same area as the vermicelli factory.
- The shareholders’ meeting of TWS and TWFP approved the amalgamation of TWS and TWFP and also approved “Thai Wah Public Company Limited” as the name of the amalgamated entity.
- Thai Wah International Trade (Shanghai) started operations.
- TWPC expanded its tapioca starch manufacturing base to Cambodia, and its food manufacturing base to Vietnam and successfully started operating the first Biopower plant.
- Thai Wah Vietnam started operations.
- Acquisition of Maesot Starch Co., Ltd and Maesot Biogas Co., Ltd., and increase the shareholding proportion of Tapioca Development Corporation Limited (TDC) to 100%, supporting tapioca starch business, supporting customer needs worldwide and targeting to be the leading food-grade tapioca starch in Asia.
- Successful launched its first Thai baht bond worth 1,000 million baht of 3-year maturity with the coupon rate of 4.00%. The bond issue has been ranked BBB+ with stable outlook by Tris Rating.
- Increase the shareholding proportion of Asia Tapioca Products Co., Ltd. to 100% supporting tapioca starch business in Vietnam.
- PT Thai Wah Indonesia started operations.