Key Milestones

2023: Target Thai Company Established as Dormant Entity, with Ownership Split Between Vendor and Unrelated Party Mr. Natthawat

The Target Thai Company was incorporated and remains, as at the Latest Practicable Date, a dormant company. As at the Latest Practicable Date, the Vendor has a 49.0% shareholding interest in the Target Thai Company. The remaining 51.0% shareholding interest in the Target Thai Company is held by Mr Natthawat, a party that is unrelated to the Company, its subsidiaries, its Directors or Substantial Shareholders, the Target Group, or Target Group Directors.

2022: Existing Thai Company Launches Operations as Premier Distributor for IT and Computer Peripherals in Thailand's Consumer and Enterprise Market

The Existing Thai Company commenced business as a local in-country reseller and distributor of consumer and enterprise IT products and computer peripherals in Thailand (“Thai IT Consumer Business“) in April 2022.

2022: Target Company Expands Digital Storage Offerings with Apacer RAM and Storage Hardware, Enters Laptop Market with MSI Brand Distribution

The Target Company further diversified its digital storage product line-up by adding the “Apacer” brand of RAM modules and digital storage hardware.

The Target Company branched out into a new product segment and commenced distributing laptop computers under the “MSI” brand. This marked the Target Company’s foray into distributing finished goods.

2021: Target Company Shifts Ownership to SIFE, Diversifies with ASRock and Dynabook, Hits US$54.2M Turnover, and Wins Intel's APAC & Japan Partner of the Year 2021 Amid Remote Work Boom

Under an internal restructuring, all of the share capital of the Target Company was transferred from SerialTec to SIFE (i.e., the Vendor).

The Target Company added the “ASRock” brand of motherboards into its stable of brands and added the “Dynabook” digital storage products into its product line-up.

Buoyed by the demand of its new products, as well as the rise of remote working and sustained interest in custom-built PCs, the Target Company achieved a turnover of US$54.2 million in FY2021.

The Target Company was awarded Intel’s Asia Pacific & Japan Partner of the Year 2021 for achieving the highest revenue growth for Intel’s Client Computing Group (CCG) segment.

2020: Target Company Achieves 'Top Business Growth' Award from AMD, Expands Product Range with MSI, AOC, and Philips Monitors, and Ventures into Thai Managed Print Business
The Target Company was awarded the “Top Business Growth” Award by AMD.

The Target Company commenced selling motherboards and VGA cards under the “MSI” brand.

In addition, the Target Company added computer monitors under the “AOC” and “Philips” brands into its product line-up, further bolstering its computer monitor offerings.

Serial System International Pte. Ltd. entered into a joint venture, being the Existing Thai Company, on 4 February 2020 for the managed print business in Thailand. Serial System owns a 49.0% equity interest in the Existing Thai Company, and the remaining 51.0% equity interest is held by Mr Natthawat’s mother and a staff of the Existing Thai Company in the proportions of 50.99% and 0.01% respectively.

2019: Target Company Broadens Portfolio with Gigabyte Motherboards and ViewSonic Monitors, Enhancing Its Position in the PC Components Market

The Target Company further expanded its product offering by commencing the sale of motherboards manufactured under the “Gigabyte” brand and computer monitors under the “ViewSonic” brand.

2017: Target Company Expands Product Line with AMD CPUs and Thermaltake Peripherals, Wins 'Best Distributor Award' for Excellence in Custom-Built PC Market

In line with the growing interest in custom-build PCs, the Target Company diversified its product offering and commenced the sale of the “AMD” brand of desktop CPUs to complement its existing desktop CPU product offering under the “Intel” brand.

In addition, the Target Company commenced distributing computer peripherals including desktop chassis and CPU coolers under the “Thermaltake” brand.

This allowed the Target Company to sell both Intel and AMD desktop CPUs to its customers as well as a range of CPU coolers and desktop chassis, who are principally operators of IT retail stores and system integrators that focus on building bespoke computing systems for clients.

Thermaltake awarded the Target Company the “Best Distributor Award” for 2018.

2016: Serial System Completes Acquisition of SerialTec, Becomes Sole Owner in Strategic Move to Strengthen IT and Data Storage Leadership

As announced by Serial System on 27 January 2016, Serial System acquired the remaining 51.0% stake in SerialTec, for an aggregate consideration of approximately S$2.4 million, upon which SerialTec became a wholly-owned subsidiary of Serial System.

2014: Serial System Acquires 49% Stake in SerialTec, Expanding Presence in Malaysia's IT and Data Storage Market

As announced by Serial System on 30 September 2014, Serial System acquired a 49.0% stake in SerialTec (previously known as Achieva Technology Pte. Ltd.), then the holding company of the Target Company, from Achieva Limited (now known as SUTL Enterprise Limited), for an aggregate consideration of approximately S$5.0 million.

At this point in time, the Target Company was a wholly-owned subsidiary of SerialTec and operated as a local in-country reseller and distributor of consumer and enterprise IT products and computer peripherals in Malaysia, with a focus on data storage products such as external hard drives and SSDs.