MPG: The Scorpion without Venom

Now, it is obvious that the founder and one of major shareholders of MPG Corporation Public Company Limited (MPG) “Kityajai Triakevijit” has already cut almost all of her paid-up shares in MPG to hold only 0.03% from 17.11%…Question that comes up immediately was what does the future hold for MPG..?

 

As “Ayada Chinwat”, who acquired a 17.08% paid-up shares in MPG from “Kityajai”, is an investor, not a businessperson, wondering how she will lead MPG..? Moreover, only changing the shareholder structure, probably would not be able to help MPG back to life again.

 

“Ayada” now owns a stake in many companies such as More Return Public Company Limited (MORE) and TV Direct Public Company Limited (TVD).

 

MPG has been struggling to be profitable for years and its current retained deficit is as high as 1,471 million baht. While cash and cash equivalents are only 1 million baht…Apparently,  MPG is hanging by a thread.

 

MPG, originally known as Mangpong (or Scorpion in English), was established in 1981 by “Kityajai” and her husband as a cassette tape and CD store under the name Mangpong shop. Its first ever branch was located in The Mall Ratchaprasong. Later in 2004, Mangpong had been listed in mai under its ticker “PONG”

 

When pirated discs had risen in Thailand, along with a growth of online movies, MPG in 2006, changed its name to Pongsaap Public Company Limited (PSAAP) in order to recreate the image for Mangpong store. 

 

However, the situation was seemingly worse as the cassette tape-CD sales business has passed its boom period and turned to a sunset business. Scorpion venom gradually faded. 

 

For a new way to survive, in 2014, MPG or Mangpong had diversified its business to a lifestyle business. MPG formed a store namely “Gizman” to sell lifestyle products and gadgets and changed its company name again to Mangpong 1989 Public Company Limited (MPG).

 

In 2015, MPG started its makeup and cosmetic business by establishing STARDUST, multi-cosmetic brands outlet store even though it did not succeed. As the Company’s prospects were still blur, MPG decided to restructure its shareholding structure as “Kityajai”’s daughter had sold her shares. Then appointing Visit Tantisunthorn as Director and changed the Company’s name for the third time to MPG Corporation Public Company Limited with a remaining ticker MPG.    

 

Despite “Kityajai” having sold almost all of her stakes in MPG, the future of the Company has yet to be clear, prompting a repeat question: what does the future hold for MPG..?