Company History and Development

We established Captain Coating Co., Ltd. (formerly known as TOA Business Support Co., Ltd.) in Thailand. We also expanded our production by commencing production of water-based paints at our Bangna Plant using semi-automated processes. Our Bangna Plant was the first production plant in Southeast Asia to automate the production process of water-based paints.

We established Professional PC Service Co., Ltd. in Thailand and PT TOA Paint Indonesia in Indonesia, a joint venture with Desiree Group Limited (however, in 2016, Desiree Group Limited transferred its entire shareholding to PT Budilestari Sentosa, which became PT TOA Paint Indonesia’s joint venture partner).

We completed our Corporate Reorganization.

In March, we announced our plans to set up one new production plant in Indonesia, two production plants in Cambodia, and to relocate our Yangon Plant to the Thilawa Special Economic Zone of Myanmar.

We established TOA Coating (Myanmar) Co., Ltd. for the purpose of relocating our Yangon Plant to a new production plant located in the Thilawa Special Economic Zone of Myanmar, a location that has better infrastructure and enables us to benefit from special incentives from the Myanmar government.

We established TOA Paint (Cambodia) Co., Ltd. and PT TOA Coating Indonesia for the purpose of expanding production, sales and marketing of our products in Cambodia and Indonesia, respectively

We also established TOA Skim Coat (Cambodia) Co., Ltd., a joint venture with Mr. Sok Hout for the purpose of producing skim coat products and expanding the sales of our products in Cambodia. Mr. Sok Hout has been one of our key customers for approximately 10 years and has also been a distributor of auto refinish products, surface care products, rubber adhesive products, and household electric appliances in Cambodia for over 20 years.

We completed construction of our production plant owned by TOA Skim Coat (Cambodia) Co., Ltd., our first production plant in Cambodia.

At our annual general meeting of shareholders held on March 14, 2017, our shareholders passed a resolution approving the increase of our registered capital by THB875.0 million, resulting in an increase in our registered capital from THB900.0 million to THB1,775.0 million, by the issue of 875,000 new ordinary shares with a par value of THB1,000.0 to be offered to our existing shareholders.

At our Extraordinary General Meeting of Shareholders No. 1/2017 held on March 24, 2017, the following resolutions were passed:

• approving our conversion from a private company to a public limited company, and changing our name to TOA Paint (Thailand) Public Company Limited. We registered the conversion to a public limited company on March 24, 2017;
• changing the par value of our ordinary shares from THB1,000.0 to THB1.0, resulting in an increase in the total number of our ordinary shares from 1,775,000 shares to 1,775,000,000 shares
• increasing our registered capital by THB254.0 million, resulting in an increase in our registered capital from THB1,775.0 million to THB2,029 million, by the issue of 254,000,000 new ordinary shares with a par value of THB1.0 for the initial public offering; and
• acknowledging the offer by Wybrant Holding Limited, our shareholder, to sell our shares in a concurrent Secondary Offering as part of the Combined Offering.

We completed construction of our production plant owned by TOA Skim Coat (Cambodia) Co., Ltd., our first production plant in Cambodia