Market for Alternative Investment (mai) will list Make to Win Holding pcl, a garment manufacturer and distributor which invests in a flagship subsidiary Deco Green Energy Co., Ltd.

The manufacturer and distributor of electric motorcycles under DECO trademark, will be listed on Dec 6 under the ticker symbol “MTW”. The company has a market capitalization at its initial public offering (IPO) of THB 970.56 million (approx. USD 27.24 million).

mai President Prapan Charoenprawatt said MTW will be listed and start trading on mai in the Industrials industry group.

Producing and distributing electric motorcycles

MTW manufactures and distributes clothes under its own brands, and provides an original equipment manufacturer (OEM) service.

The company holds an 85 percent stake in its subsidiary Deco Green Energy engaged in producing and distributing electric motorcycles.

MTW’s plant is located in Sam Phran district, Nakhon Pathom province, with the annual production capacity of 1.8 million pieces of clothes and 11,500 units of electric motorcycles.

In 2021, electric motorcycle and garment businesses represented 58 percent and 42 percent of the group’s total revenue, respectively. Ratio of its clothes sold through factory to wholesalers and shops stood at 75:25, while authorized dealers are the main distribution channel of electric motorcycles.

As of September 2022, the company had 96 dealers across all regions of Thailand including Chiang Mai, Buriram, Chonburi, Samut Sakhon, Nonthaburi, Ayutthaya, Phuket, Samut Prakarn, and Khon Kaen provinces.

Deco Green Energy has participated in the government’s scheme so-called “EV package” under which the government subsidizes THB 18,000 per unit of motorcycles until December 31, 2025.

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