SAWAD was originally founded by the Kaewbootta family to operate an auto title loan business in Petchaboon province. The Company has continued to extend its service coverage by opening new branches in other provinces to include financial services offered to customers who need financial aids but have limited access to financing services offered by banks and financial institutions.
At present, SAWAD and its subsidiaries offer auto-backed loans and home-backed loans through their 1,627 branches (update as of 31 December 2015), under the service mark / trade name “Mee Baan Mee Rod Ngern Sod Than Jai (literally translated as “Your car and/or your home can bring you instant cash”) The Company’s strengths include its prompt services, fast approval and lending process as well as easy access and close relationship with customers. The Company offers financing services to general retail customers in Bangkok, Bangkok’s vicinity, and other provinces nationwide.
The Company’s major changes and development can be summarized below.
The Kaewbootta family founded the Company to provide vehicle title loans in Petchaboon province.
The business had been expanded to include larger service coverage in other provinces, marking a pioneer of the so-called car-for-cash loan segment.
Sold the existing business which included branches and the service mark to another operator in the industry.
Srisawad Power 1979(“SAWAD” or the Company) was established (formally known as PV and KK Service 2008), with the registered capital of Baht 1 million, without any business operation.
Acquired Srisawad Power Co., Ltd (SP), engaging in the debt collection business and the auto title business (with less than 100 branches).
Under SAWAD Group’s umbrella, SP expanded the debt collection and lending businesses to include 136 branches.
The Company increased the registered and paid-up capital to Baht 5 million and launched
the auto-backed loans and home-backed loan business under the service slogan “Mee
Baan Mee Rod Ngern Sod ThanJai”
Restructured the business by acquiring two companies, without business operation
- Srisawad Power 1982 Co., Ltd (“SP 1982”) (formally known as K.P.N Holding Co. Ltd
- Fast Money Co. Ltd. (“FM”) (formally known as J.D.T Money Service Co., Ltd)
The Company increased the registered and paid-up capital to Baht 200 million.
SP’s business was transferred to the Company after SAWAD purchased and received the transfer of loan receivables and hire purchase receivables for operation and management at the Company and SP 1982.
The branch network was expanded to include 265 branched at the end of 2011.
The Company increased the registered capital and paid-up capital from Baht 200 million to Baht 750 million.
The Extraordinary Shareholder Meeting No. 1/2013 held on 31 May 2013 approved the plan to privatize the Company to become a public company with a change of the par value from Baht 100 per share to Baht 1 per share. The Company increased the registered capital from Baht 750 million to Baht 1,000 million by raising the capital of Bath 250 million, with 250 million shares allocated for the initial public offering.
The Company was registered the privatization on 14 June 2013 As of 31 December 2013, the Company’s branch network included a total of 602 branches.
- The Company carried on the initial public offering for the total shares of 250,000,000 at a par value at Baht 1 and at a share price of Baht 6.90 per share. In addition, the Company registered the change of the paid-up capital to Baht 1,000 million (1,000,000,000 shares at a par value of Baht 1) with the Business Development Department, Ministry of Commerce on 2 May 2014. Then, the Stock Exchange of Thailand listed 1,000,000,000 ordinary shares at the par value of Baht 1, with the stock trading started on 8 May 2014.
- Issued senior and unsecured bonds valued at Baht 500 million, with maturity of one year and six months, for institutional investors and high net worth investors on 30 June 2014.
- The Company founded Srisawad Asset Management Co. Ltd, with the registered capital of Baht 25 million, with holding of 99.99 percent. The new company was set to operate debt collection services and purchase distressed assets from financial institutions, with an operating license being granted by the Bank of Thailand in July 9, 2014.
- On 9 September 2014, the Extraordinary Shareholder Meeting No 3/2014 resolved to allow the Company to receive the business transfer from Srisawad Power 1982 Co, Ltd., its subsidiary. The transaction was completed on 30 September 2014 and Srisawad Power 1982 already registered the company’s dissolution and it has now been under the company liquidation process.
- As of 31 December 2014, the Company’s branch network included a total of 1,059 branches.
- Increased registered capital from Baht 1,000 million to Baht 1,060 million by issuing 60 million ordinary shares at the par value of Baht 1, for stock dividend amounted 20 million shares and reserve for exercised warrant amounted 40 million shares.
- Issued Warrant No. 1 (SAWAD-W1) amounted 40 million units for existing shareholders.
- Received the Nano Finance operating license granted by BOT
- Srisawad Asset Management raised its registered capital from Baht 25 million to Baht 100 million and renamed to SWP Asset Management.
- The Company founded Srisawad International Holding Co. Ltd, with the registered capital of Baht 10 million. The new company was set to be a holding company.
- The Company founded Srisawad Vietnam LLC, with the registered capital of Baht 200 million. The new company was set to operate trading service in Vietnam.