In the early years, Chuan worked from a modest office in the Chinatown branch of Bank of Ayudhya on Yaowarat Road and although he would move to larger modern offices as the business grew, he would remain a very private and family-oriented individual who, unlike many other prominent overseas Chinese businessmen, would seldom be seen at social functions or events.
Among other projects, he set up an education foundation and financial support from Chuan was critical to the establishment of Sasin Business School and its later development.
[3] In business, Chuan combined a powerful intellect with imagination and ambition and would perceive and pursue long-term opportunities that would frequently defy conventional wisdom.
During his working life he was responsible for considerable sums of investment made by Chinese businesses into the Thai economy financed by loans from the Ratanarak Group.
[1] Although he achieved a position of considerable wealth and power, he remained modest, engaging and always true to his principles.
When news of his death broke in 1993, the newspapers were filled with personal messages of condolence and tributes to his achievements and character placed personally by many of the leading figures in Thailand's business and political community in recognition of the position of respect Chuan had achieved within Thai society.
[9] The Stock Exchange of Thailand opened in 1962 but the emerging banking system remained the main source of capital.
[14] Through their political connections and growing economic power, the largest banks also provided a degree of protection for Thai companies to whom they extended loans allowing emerging local businesses to grow rapidly in a difficult business environment, particularly during the period of the US guided reforms in the 1960s and 1970s and building the powerbase and wealth of their supporting banking groups in the process.
[9] From its inception, Siam City Cement grew steadily, beginning production in 1972 and listing on the stock exchange only five years later.
[16] During the 1980s, the company was the first to use local lignite in place of fuel oils and to deploy a heat-energy recycling system.
[2] In 1967, Chuan was granted a licence to operate Channel 7 terrestrial television, in association with the sister-in-law of Field Marshal Praphas, using spectrum and a transmission network owned by the Royal Thai Army.
[18] Chuan was instrumental in the success of BBTV providing extensive funding to invest in the broadcasting infrastructure.
[9] Chuan funded the development of a modern nationwide communications infrastructure, meeting a national security need and winning military approval.
As a result, Channel 7 gained an important first mover advantage building a loyal audience base across the country and a strong brand.
Today, Channel 7 has 35 relay stations and its broadcast coverage extends to the entire territory of Thailand and to border regions of neighboring countries.
[17] From the early 1960s, Chuan began to develop an extensive portfolio of investments in land and real estate.
[19] In 1991, construction started on an office tower that would be the new headquarters for Bank of Ayudhya on riverfront land on the Rama III road in the Yannawa district.
At one time these included an interest in the Bank of Canton and in numerous real estate and property investment projects.
[28] Contemporary newspaper reports wrongly suggested that the proceeds from the sale of equity to Holderbank was used by the family to recapitalise Bank of Ayudhya.
However, as part of the terms of the sale, the full proceeds received by the family from Holderbank – as well as additional funds from the Ratanarak Group – were reinvested in Siam City Cement via a rights issue to recapitalise the business and the capital injected by the family into the bank came instead from contingency reserves.
[29] In 2013, the Ratanarak family controlled 47% of the equity in Siam City Cement which had a market value of US$3.2 billion and no significant debt with Holcim holding 27.5% of the shares.