CIG Is Delight as SET Lifted the ‘C’ Sign, Expecting to Turnaround and End Loss-Ridden Operations

C.I. Group PCL (CIG) celebrates the removal of the caution symbol “C” from its shares and expects better liquidity. It offers 433.5 million units of CIG-W9 and CIG-W10 warrants to existing shareholders to expand potential operations for revenue generation. In the first quarter of 2023, CIG sold 4 subsidiaries and thus its separate financial statement shows the first profit in 24 quarters. It will also proceed with restructuring and acquire new businesses to guarantee long-term growth. CIG is now attracting local and foreign partners and expects to seal relevant deals with them in the near future.


Bannat Nakhaphan, Managing Director of C.I. Group – the manufacturer of coils and heat exchangers for international and leading brands of air-conditioning and refrigeration systems, said the Stock Exchange of Thailand lifted the “C” sign on May 10, 2023, after effective restructuring resulted in shareholders’ equity constituting at least 50% of its paid-up capital as required by SET, in the financial statement for the first quarter of 2023 ending March 31, 2023.

Also on May 10, 2023, the company made the ninth issuance of 289,030,750 units of warrants (CIG-W9) and issued 289,030,750 new ordinary shares at the price of 0.50 baht per share to support the exercise of the warrants for existing shareholders at the ratio of 6 existing ordinary shares to 1 unit of warrant. The second round of rights offering (RO2) will cover 867,092,25 new shares at the price of 0.50 baht per share which will be offered to existing shareholders at the ratio of 2 existing ordinary shares to 1 newly issued ordinary shares.

CIG is also ready for the 10th issuance of its warrants (CIG-W10) for those who order RO2 from May 24, 2023, to June 7, 2023, at the ratio of 6 ordered ordinary shares to 1 unit of warrant. The company will offer 144,515,375 newly issued ordinary shares at 0.50 baht per share to support the exercise of CIG-W10 warrants on June 12, 2023, and 864,788,000 newly issued ordinary shares at 0.50 baht each for up to 864,788 units of convertible bond that are priced at 1,000 baht per unit for a total of up to 864,788,000 million baht and will be offered to existing shareholders with the conversion ratio of 1 unit of convertible bond per 1,000 ordinary shares and the conversion price of 1 baht per share.

CIG will spend proceeds from the fundraising on expanding potential business activities for its revenue generation and strong growth. This is in line with its business plan for this year which includes its acquisition, in the second and third quarters, of the businesses that will be the good sources of revenue.


For this year CIG will be restructuring its organization to pave the way for long-term growth and profit. The ongoing restructuring proves to be effective. Its separate financial statement shows a net profit of 6 million baht which is the first profit in 24 quarters. However, its consolidated financial statement has not presented a profit yet because the company has just sold 4 subsidiaries that were loss-ridden and did not generate revenue, in accordance with a resolution of its board of directors in their 9/2566 meerting on March 31, 2023. The 4 subsidiaries are CIG Development Company Limited, CIG (Thailand) Company Limited, Siam Railway Development Company Limited, and CIG Operation Company Limited. CIG will later revise other parts of its business to gradually improve its overall financial status.


CIG is in the process of restructuring and investment in large-scale and potential business activities with greater profitability in the fields of engineering procurement construction management with financial support (EPCM+F), energy, public utilities and infrastructures. CIG is also expanding its existing business to, for example, the construction of data centers. The development is based on its construction of cooling systems for data centers in the region. In this area of operations, CIG has many partners that are interested in business development collaboration with it. CIG expects to seal business partnership agreements with the parties in the near future.