MFEC Public Company Limited (MFEC) was established in 1997 and jointly invested by Modernform Integration Services Company Limited a joint venture of Modernform Group Public Company Limited, and a group of highly-experienced executives in the computer and technology field. In the first year of its business operations, MFEC faced Asian financial crisis, so-called Tom Yum Koong crisis affecting its profitability and business operation. However, six (6) years after the establishment, MFEC, by its Executive Chairman and President Mr. Siriwat Vongjarukorn, was listed in the Stock Exchange of Thailand and has been categorized as a stock with an average dividend payment of 7.81% for 10 years, the highest in the communications sector. The company set its policy to grow together with its customers, concentrating on increasing value added to itself and its stakeholders. The major developments of the company since its incorporation are as follows:
MFEC invested in four (4) more companies: 1) Playtorium Solutions Company Limited 2) Fanster Media Company Limited 3) Data Cafe Company Limited 4) Digital Savvy Company Limited
MFEC continued its organizational restructuring, while formulating new business management strategies and making investment continuously in order to cope with economic recoveries in the country and abroad as well as IT transformation. The shifts in IT have played key roles to induce quick changes in consumer behavior. Particularly, disruptive technology has affected the current technological use and the direction for business management has changed. Therefore, the company has adjusted itself through the following, more diverse business models:
- Joint venture with a potential partner. MFEC and its partner’s specialties and strength were synergized for a new business:
• Revenue sharing : The investment was made in potential businesses for consistent and sustainable income.
• Business unit spin-off : MFEC supported a business unit to be capable to set up MFEC’s new subsidiary to raise its employees’ entrepreneurship, have ownership (shareholding in the new company), and advance in their career path. This practice was also aimed to retain MFEC’s talents, boost and maintain its serviceability and competitiveness.
• Solution provider : The best IT solutions were proposed to customers, focusing on enterprises which generated main income for the company.
MFEC invested in four (4) more companies:
1) Playtorium Solutions Company Limited at 70% of its registered capital
2) Fanster Media Company Limited at 30% of its registered capital
3) Data Cafe Company Limited at 59.9% of its registered capital
4) Digital Savvy Company Limited at 36% of its registered capital
MFEC Group had four (4) associated companies and fourteen (14) subsidiaries.
MFEC’s new development center and branch no 2. was situated at SJ Infinite Building,11th Floor.
MFEC developed and improved its businesses to match the market demand, technology trend and customers’ demand while establishing the internal control system, organizational restructuring, and new business management strategy to cope with economic slowdowns in the country and overseas. IT changes induced consumers’ behavioral changes swiftly. For instance, business transformation employed technology to upgrade and develop businesses which changed, took MFEC’s capability and expertise to solve problems and build competitive advantages for customers in other industries which have been confronting economic challenges and changes. In addition, a new business model was forged in the form of joint investment with allies in other industries spanning from printing media, television to entertainment groups. Besides, a major organizational reform was carried out to improve the environment of the new office – MFEC’s product development center and 2nd office branch with a concept demonstrating its great creativity, while improving the work environment in the concept of “New Office – New Culture.” This concept consisted of four (4) elements: 1. Collaboration; 2. Communication; 3. Concentration; and 4. Chill Out. MFEC’s new office was situated at SJ Infinite Building, 11th Floor. MFEC executives were ready to support employees with creativity and capabilities in work and management for unit growth and a potential subsidiary. Furthermore, they had the policy to expand investment for new sources of income and enlarge the customer base to other industries as a means to strengthen MFEC’s IT leading position.
TIS INC. of Japan held 18% of MFEC’s paid-up capital and became the major shareholder of MFEC, in replacement of Modernform Group Public Company Limited.
Modernform Group Public Company Limited (MODERN), the major shareholder, decided to sell 14.07% of MFEC Public Company Limited (MFEC)’s paid-up capital or 61,983,675 shares to TIS INC. of Japan at 10.70 per share for a total of 663,225,322.50 baht. The transaction was made on 14 May 2014. And after the liquidation, Modernfform Group’s shareholding in MFEC reduced to 2.41% and TIS Inc. held 18% of MFEC’s paid-up capital and became the major shareholder of MFEC, in replacement of Modernform Group Public Company Limited. The transaction triggered a positive change as TIS Inc. was a foreign company which led Japan’s IT industry. As a result, MFEC could find an opportunity to develop its IT capability and competitiveness to the international stage and have more trade
opportunity in the future.
MFEC invested in Soft Square Group of companies, Motif Technology Public Company Limited, Business Applications Company Limited and Angstrom Solutions Company Limited.
MFEC invested in Promptnow Company Limited, Advance Intelligent Modernity Company Limited, and Modernform Integration Services Company Limited (at the present is PraIn FinTech Company Limited)
On August 26th, 2004 – MFEC invested in Promptnow Company Limited provide main products/services are consult training on software and hardware for control or integration with electronic devices and create electronic entertainment media.
On November 19th, 2004 – MFEC invested in Advance Intelligent Modernity Company Limited provide main products/services are developed, produced and distributed of entertainment software on mobile devices.
On June 1st, 2005 – MFEC invested in Modernform Integration Services Company Limited (at the present is PraIn FinTech Company Limited) provide main products/services Modern Pay (Mobile Payment Gateway) and managed services / Project based (PC / NB / PRN)
The company was transformed into the Public Company Limited on July 1, 2003 and opened its first trading day on October 8, 2003.
In May, the company has increased its capital from 20 million baht to 160 million baht, and the offering of new ordinary shares to existing shareholders 14 million shares at a par value of 10 baht. The management foresees the growth of the company and to enhance the capabilities and potential of the business further.
In June, to restructure the company’s shareholders. Modernform Integration Services Company Limited sold 68% of its total issued and paid-up shares to the Modernform Group Public Company Limited and other individual shareholders who are shareholders of the Modernform Integration Services Company Limited. As a result, Modernform Group Public Company Limited is the major shareholder of the company at that time, holding 31.6% of the issued and paid-up shares and the company sold its investment in ThaiTap Guide Company Limited to the Modernform Integration Services Company Limited.
On July 1, 2003, the company has been transformed into a Public Company Limited and open to the public on the Stock Exchange trading on October 8, 2003. The company has opened a development center at Lao Peng Nguan Tower 1, Vibhavadi Rangsit Road to launch the new technology research and development center of the company and to support the expansion and increase the number of employees and to be able to serve customers more closely and faster.
In order to increase the business expansion, the company increased its registered capital from 10 million baht divided into 2 ordinary shares with a par value of 10 baht.
The company has set up a consulting and development service center for information technology to expand the business consulting and information technology (IT Professional Services) and began serving as a business, as following;
- Launched Voice over Internet Protocol (VOIP) service, which will help customers reduce the cost of long distance telephone service is the first in Thailand.
- Providing Data Warehouse Services with the cooperation of Software Manufacturers, Ascential (which is now acquired by IBM), United States. And was appointed as a distributor in Thailand.
- Began to study the feasibility of developing the intellectual property as a source of significant revenue in the future.
MFEC Public Company Limited (MFEC) was established on March 3, 1997MFEC Public Company Limited (MFEC) was established on March 3, 1997, a registered capital of 10 million baht, consisting of 1 ordinary shares at a par value of 10 baht. The company develops and implements network connectivity within the organization both in Bangkok and the provinces. This is the first development and introduction of Intranet in Thailand with the vision of the management in the business, the company has been appointed as a distributor of official products from leading companies around the world.
- Sun Microsystems, United States, it is the leader in the server computer for Internet for use in large organizations.
- Netscape Communication, United States, it is the originator of the development of the program for the Internet & E-commerce Software Server. Currently known as SUN ONE.
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