Master Ad Public Company Limited (MACO) was established on 18 February 1988 with a registered capital of THB 0.6mn as a provider of production and services for entertainment business focusing on the Out-of-home (OOH) media. Billboard was our traditional business and continues to be the most utilized for OOH advertising.

On 29 September 2003, the Company converted into a public company limited with a registered capital of THB 125mn and successfully listed on the MAI stock market under the ticker symbol “MACO” and moved to SET listed companies in September 19, 2013 under services industry, media and publishing sector.

With more than 30 years of experience, MACO has been providing well-maintained services through 2,000 media sites nationwide under the concept of “Nationwide Integrated OOH Media Platform” in Thailand.


August 2020

  • On August 11, 2020, MACO’s Board of Directors approved the amendment of the Advertising Media Management and Service Agreement (“Agreement”) between MACO and Plan B Media Public Company Limited (“PlanB”). The approval was to reduce the minimum guarantee from 169mn per quarter to THB 84mn per quarter for 2Q 2020/21 (July – September 2020) due to the severe impact from COVID-19 pandemic, which affected directly to Out-of-Home (“OOH”) Media industry as well as PlanB.

September 2020

  • On September 16, 2020, VGI MACO (Singapore) Private Limited, a subsidiary of MACO, invested 15.0% in newly issued ordinary shares of VGI Vietnam Joint Stock Company, which operates OOH Media in Vietnam with a total investment of VND 208.6mn or equivalent to THB 283mn.
  • On September 18, 2020, MACO’s Board of Directors approved an investment of 70.0% in Transad Viet Nam Joint Stock Company, through Trans Ad Solution Company Limited, with a total investment of USD 2.1mn or equivalent to THB 66mn. This investment enhance the Company to expand its System Integration business into Vietnam market.

January 2021

  • On January 19, 2021, the Extraordinary General Meeting of Shareholders approved the amendment of Agreement between MACO and PlanB for an exemption on the payment of minimum guarantee by PlanB of THB 316mn for the second half of 2020/21, starting from 1 October 2020 to 31 March 2021. This amendment was mainly due to the prolonged impact of COVID-19 pandemic situation, which continued to cause significant impact to PlanB. Nevertheless, MACO will receive advance payment of minimum guarantee at THB 700mn for 2021/22 of which MACO received the aforementioned payment in February.

April 2021

  • On April 9, 2021, VGI MACO (Singapore) Private Limited, a subsidiary of MACO, invested the remaining 10.0% in VGI Vietnam Joint Stock Company with a total investment of VND 104.3mn or equivalent to THB 142mn, resulting in a total shareholding of 25.0%.


  • MACO invested 50.0% in Hello Bangkok L E D Company Limited with a total investment of THB 1,950mn and offered newly issued ordinary shares through Private Placement of 1,080mn shares at THB 1.4381 per share, totaling THB 1553mn, to Plan B Media Public Company Limited (“PlanB”). In addition, MACO has granted the right to manage all MACO’s domestic media to PlanB.


  • MACO made an additional 30.0% investment in COMASS with a total investment of THB 160mn, resulting in an increase in the total shareholding in COMASS to 100.0%. This additional investment will grant MACO the power to control business management and use the media of COMASS effectively.


  • VGM invested additional 40.0% in Puncak Berlian Sdn. Bhd. (“PBSB”) with a total investment of RM 9.6mn or approximately THB 72mn, resulting in an increase in shareholding to 65.0% of the total number of shares. PBSB is a company which operates out-of-home advertising media consisting of advertising media in public transportation systems, advertising media in the airport, and advertising media in office buildings.


  • MACO has invested in Trans Ad Solution Company Limited ("Trans.Ad") in the proportion of 81.7%. TransAd is a full-service provider of multimedia connectivity services, and later TransAd invested in the acquisition of Roctec Technology Limited ("Roctec") in the proportion of 89.0%. Roctec is a provider of system integrations such as control systems, connectivity systems, and multimedia display systems and operates in Hong Kong.


  • MACO established a joint venture with VGI in the proportion of MACO 75.0% and VGI 25.0% under the name VGI MACO (Singapore) Private Limited ("VGIMS"). Later, VGIMS entered into a joint venture agreement with Sinarmas Group to expand its business in Indonesia.


  • On November 23, 2018, MACO received investment approval to improve street Furniture advertising at the BTS beam-piles, from 42 static billboards to digital media as well as 180 lightboxes. This investment will increase the production capacity of MACO by THB 300mn.
  • MACO invested 75.0% in VGI Global Media (Malaysia) Sdn. Bhd. (“VGM”) This expansion to Malaysia will help expand the media network of MACO and create opportunities to penetrate the Southeast Asian market.


  • MACO acquired 60.0% of the ordinary shares of Gold Star Group Company Limited ("GSG") with an investment of THB 240mn. GSG is a design and printing provider for media production such as BTS Sky Train and Office media wrap.


  • Eye On Ads Company Limited, a wholly-owned subsidiary of MACO, successfully acquired 70.0% of COMASS Company Limited (“COMASS”) with a total investment of THB 355mn. COMASS secured a strategic network which mostly located in Central Business District (CBD) area in Bangkok and upcountry for 19 years of experience.


  • VGI acquired an additional 375mn shares of MACO (or 12.5%), resulting in a total holding of 1,126mn shares (or 37.4%) as of 30 May 2016, and become a majority shareholder of the Company. VGI and MACO has leveraged each other's strengths by initiating value-added strategies and marketing plans for advertising campaigns that help promote and take both companies to be the leaders in the integrated advertising network in the country and across ASEAN.


  • The Company invested in MultiSign Company Limited ("MultiSign") at a 70.0% stake through Green Ad Company Limited, a subsidiary in which the Company holds a 100.0% stake. In 2019, MACO acquired an additional 30.0% in MultiSign giving MACO have fully control and utilize MultiSign's media assets.


  • Expanded its presence into an international market by establishing a wholly-owned subsidiary MACO Outdoor Sdn. Bhd. (Maco Outdoor) in Malaysia. Subsequently, MACO Outdoor has invested 40.0% in Eyeball Channel Sdn. Bhd. (“Eyeball Channel”). Eyeball Channel is a joint venture between MACO and potential local partner to operate advertising in Malaysia.


  • VGI Public Company Limited. (“VGI”) has expanded its media footprint into Outdoor media segment by acquiring 751mn shares or 25.0% of the total issued shares of MACO.


  • Changed the par value from THB 1.00 per share to THB 0.10 per share. MACO’s new shares begin trading on SET with new par value on 3 October 2014


  • Master & More, a subsidiary company of MACO invested in ordinary shares of Open Play Company Limited ("Open Play") in the amount of THB 4mn, representing 80.0% of the total shares. In May 2018, the Company purchased all the remaining shares, resulting in currently holds 100.0% of the shares in Open Play. Open Play receives the exclusive rights from PTT Public Company Limited in providing advertising media within Jiffy, PTT gas stations all over Thailand.


  • Moved from MAI to The Stock Exchange of Thailand (SET) under services industry and media and publishing sector.


  • Established a joint venture, namely Green Ad Company Limited (“Green Ad”), together with We Big Company Limited, which the Company holds a 51.0% interest, to provide environmentally friendly media production. Later, MACO increased its stake in Green Ad to 100.0% in 2014.


  • Converted into a public company limited and successfully listed on the Market for Alternative Investment (“MAI”) under the ticker symbol MACO. MACO begins trading on 29 September 2003.
  • Expanded business into Street Furniture segment by granting the exclusive rights from Bangkok Mass Transit System Public Company Limited to install and manage advertising panels under BTS station. Later, in 2005, MACO was once again granted the rights from the Bangkok Metropolitan Administration to manage advertising panels under flyovers across Bangkok.


  • Established a 50-50 joint venture, namely Inkjet Images (Thailand) Company Limited, together with Inkjet Images (M) Sdn. Bhd. Company Limited, to provide inkjet media production services and support media production for the group.


  • Established a 50-50 joint venture, namely Master & More Company Limited (“Master & More”), together with Clear Channel Company Limited, to provide advertising media and production services for small format billboard. Later, MACO increased its stake in Master & More to 100.0% in 2010.


  • Established as a limited company under the name Master Ad Company Limited (“MACO”) to provide Out-of-Home media and production services