Company History

● Lanna Resources Public Company Limited, formerly Lanna Lignite Public Company Limited, was initially established as a registered company under the name Lanna Lignite Company Limited on October 4, 1985, in order to enter into a sublease agreement for lignite coal mining at Ban Pa Kha Subdistrict, Li District, Lamphun Province, with the Department of Alternative Energy Development and Efficiency on November 11, 1985, for a period of 20 years until November 11, 2005. The Company was later converted to a public company under the name “Lanna Lignite Public Company Limited” on December 29, 1992, and was granted permission to list its ordinary shares on the Stock Exchange of Thailand on July 12, 1994, which is listed under the Resources Group (Energy and Utilities sector). The Company has registered and changed its name to “Lanna Resources Public Company Limited” on May 17, 2001.

● Lanna Resources Public Company Limited jointly invested and established United Bulk Shipping Pte. Ltd. of Singapore in 1996, holding 49 percent of the paid-up capital to engage in the ocean freight shipping business.

● Lanna Resources Public Company Limited has established Lanna (Singapore) Pte. Ltd. in Singapore in 1997, holding 100 percent of the paid-up capital to engage in the business of investing in coal mining and utility businesses overseas (holding company), and has registered the dissolution and liquidation of the Company on June 28, 2012, as part of an investment restructuring initiative to enhance efficiency and effectiveness.

● Lanna (Singapore) Pte. Ltd. invested in the acquisition of ordinary shares in PT. Lanna Harita Indonesia in 1998, holding 55 percent of the paid-up capital to invest in the first coal mining project in Indonesia, which commenced coal production and distribution in 2001. Later, in 2007, all ordinary shares in PT. Lanna Harita Indonesia were transferred to Lanna Resources Public Company Limited, which now holds the shares directly.

● Lanna Resources Public Company Limited (“LANNA”) invested in the acquisition of ordinary shares in Thai Agro Energy Public Company Limited (“TAE”) in 2003, holding 75 percent of the paid-up capital. In 2005, LANNA increased its shareholding to 75.75 percent to engage in the production and distribution of ethanol (99.5% anhydrous alcohol) for biofuel purposes, which can be used in general automobiles. On June 2, 2014, TAE was listed on the Stock Exchange of Thailand to raise funds for investments aimed at enhancing efficiency in ethanol production and distribution. As part of this process, LANNA reduced its shareholding from 75.75 percent to 51 percent of the paid-up capital. TAE commenced securities trading on the Stock Exchange of Thailand on June 5, 2014.

● Lanna (Singapore) Pte. Ltd. invested in the acquisition of ordinary shares in PT. Singlurus Pratama in 2008, which is the owner of the 3rd coal mine concession in Indonesia, holding 65 percent of the paid-up capital. Subsequently, in 2009, all ordinary shares in PT. Singlurus Pratama were transferred to Lanna Resources Public Company Limited, which now holds the shares directly.

● Lanna Resources Public Company Limited has established Lanna Power Generation Company Limited on July 7, 2016, to engage in the business of coal-fired power plants and renewable energy, both domestically and internationally, as its core business, with LANNA holds 99.99985 percent of the paid-up capital.

● Lanna Resources Public Company Limited (“LANNA”) has approved PT. Lanna Harita Indonesia (“LHI”) and PT. Singlurus Pratama (“SGP”), subsidiaries in Indonesia, to sign an amendment to their coal mining concession agreements with the Ministry of Energy and Mineral Resources (“MEMR”) of Indonesia in order to divest foreign or non-Indonesian shareholding from 65 percent of the paid-up capital to not more than 49 percent of the paid-up capital in accordance with the law of Indonesia (Mining Law No.4/2009). After LANNA has divested its shareholding in LHI and SGP, LANNA will retain management control over both subsidiaries, allowing for the continued consolidation of their financial statements into LANNA’s consolidated financial statements. completed the share valuation process and submitted the offer to relevant government agencies in Indonesia. The divestment process is ongoing, with Indonesian
government agencies currently reviewing the acquisition of the divested shares in accordance with divestment procedures.

● Lanna Power Generation Company Limited (“LPG”), a subsidiary of Lanna Resources Public Company Limited (“LANNA”), on March 4, 2020, has invested in the acquisition of ordinary shares and preferred shares of SRT Power Pellet Company Limited (“SRT”) to invest in wood pellet production and distribution project of SRT in the proportion of 99.9998 percent of the paid-up capital, with a plant located in Kian Sa District, Surat Thani Province, having wood pellet production capacity of 60,000 metric tons per year.

● Lanna Power Generation Company Limited (“LPG”), a subsidiary of LANNA, on August 30, 2021, has provided financial assistance to SRT Power Pellet Company Limited (“SRT”), a subsidiary of LPG, conducting business in the production and distribution of wood pellet. Due to the impact of the COVID-19 pandemic, SRT faced a raw material shortage and was forced to temporarily suspend production. To address financial obligations, LPG provided a loan to SRT of Baht 70,820,758.18 to repay existing loans to Kaikornbank Public Company Limited.

● Lanna Resources Public Company Limited, on August 31, 2021, invested in a new coal mining concession project in Indonesia through PT. Pesona Khatulistiwa Nusantara (“PKN”), in the proportion of 10 percent of the total number of shares in PKN, with a total investment of USD 5 million. PKN has been granted the 3rd Generation Coal Contract of Work from the Indonesian government, with a concession period of 30 years from 2009 to 2039. The coal mining concession is located in Bulungan Regency, North Kalimantan, Indonesia.

● The Board of Directors’ Meeting No.6/2021 of Lanna Resources Public Company Limited dated December 20, 2021, has resolved to approve the restructuring of its investment in SRT Power Pellet Company Limited (“SRT”), a subsidiary conducting business in the production and distribution of wood pellets, LANNA indirectly holds 99.99965 percent of SRT’s paid-up capital through Lanna Power Generation Company Limited (“LPG”). The restructuring aims to enhance management flexibility and efficiency by transferring SRT’s business operations to LPG. Following the completion of the business transfer, SRT will proceed with its dissolution and liquidation.

● On July 20, 2023, the Extraordinary General Meeting of SRT’s shareholders unanimously approved the dissolution of SRT. Subsequently, the dissolution was officially registered on the same day, and the Company is currently undergoing the liquidation process.

● The Board of Directors’ Meeting No.1/2024 of Lanna Resources Public Company Limited dated March 4, 2024, has resolved to approve the Company’s investment in a solar power plant project to generate and supply electricity to the plant of Thai Agro Energy Public Company Limited (“TAE”), located in Dan Chang District, Suphanburi Province. The Board has assigned Lanna Power Generation Co., Ltd. (“LPG”), a subsidiary company, to invest in and implement the ground-mounted solar farm project with a capacity of 1.20 megawatts. The electricity generated will be sold to TAE under a 15-year Private Power Purchase Agreement (Private PPA), with a total investment budget of approximately THB 25 million. The project is scheduled to commence commercial electricity supply by April 2025.

● On October 4, 2024, there was a change in the shareholding structure of the Company’s major shareholder. Siam City Cement Public Company Limited (“SCCC”) increased its shareholding in the Company from 44.99 percent to 61.44 percent of the total shares with voting rights. This change resulted from a tender offer for the Company’s securities, jointly conducted by Sunrise Equity Co., Ltd. (“Sunrise”) and Siam City Cement Public Company Limited (“SCCC”), the Company’s major shareholder (the “Offeror”), during the period from August 29, 2024, to October 2, 2024. The acquisition was carried out in accordance with the rules on acquiring a significant degree of control over a juristic person with an existing shareholding in the business (Chain Principle).