From Managing Director

To Shareholders

In 2023, the global economic outlook fluctuated significantly due to various crises.  The Russia-Ukraine conflict, conflicts in the Middle East, high interest rates and inflation, a slowdown in China’s economy, and rising energy and oil prices that have raised production costs have affected the overall economy has not been able to grow optimally. Nevertheless, the Company has started receiving invitations to bid for large steel structure projects (modules), decommissioning projects, oil drilling rigs, and infrastructure projects in Thailand, which is a good sign for the prospects of obtaining various projects. In addition, the Company remains committed to its goal of corporate development for strength and sustainability with focus on maintaining project performance with high quality that meets standards with safety, punctual delivery, and controllable costs.

The Company has sought new business opportunities to generate recurring income.  In 2023, the Company invested in the following clean energy businesses:

• The Monsoon is a 600-megawatt Wind Power Project in the Lao People’s Democratic Republic that operates in the business of generating and selling electricity under power purchase agreements to the Vietnam Electricity Authority (Vietnam Electricity) in Vietnam. The Company is the ultimate shareholder with a proportion of 15.87% of the paid-up registered capital of The project is under construction and the Commercial Operation Date is targeted for the end of 2025.
• The solar roof power generation business in Thailand in both PPA and construction contractors, the Company is the shareholder at a proportion of 50% of the paid-up registered capital in Impact Solar Group Limited (“ISG”). ISG is the pioneer of PPA solar roof for private company and has experienced and serviced more than 100 MW in Thailand.

The Company has fully devoted its efforts to making adjustments in the organization to be agile, ready for new business expansion, and aimed at building financial stability by thoroughly and carefully studying business opportunities and having specialized experts in on a case-by-case basis to ensure that investments provide appropriate returns in the long term with acceptable risk management in the best interests of shareholders and stakeholders.

On behalf of the Board of Directors and Management, I would like to thank all stakeholder groups for their constant trust and support in the Company’s operations. Our directors, executives and employees will be committed to business growth based on sustainable corporate development and adherence to good governance principles for the Company to grow steadily and create added value for shareholders in the long run.