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Dear Shareholders,

2016 was the year of great loss with the passing of His Majesty the King Bhumibol Adulyadej on October 13, 2017 at the age of 89. His demise brought profound sadness to Thai people all over the country. King Maha Vajiralongkorn Bodindradebayavarangkun has allowed the private sector to host the funeral rite for the late king to which Thai Factory Development Plc has expressed our intention to do so to say the final farewell to our revered late king.

I wish to also inform shareholders that 2016 was another year of Thailand’s economic slowdown due to ongoing political conflict locally and internationally. In the agricultural sector, farmers still suffered from draught while prices of farm products continued to nosedive which weakened purchasing power of farmers. Other factors included stricter credit approvals by financial institutions, the European Union (EU)’s decision to terminate Thailand’s trade privileges and the fact that the country remains under the military rule shunned by the international community, all of which has made the industrial sector preferably delay their investments in Thailand.

Yet, in late 2016, TFD signed an agreement with Industrial Estate Authority of Thailand (IEAT) to develop the TFD Industrial Estate Phase II. Following this, we expect to transfer ownership to our clients in Q3/2017, which will have a significant impact to our operation result as industrial estate projects are a major source of our revenue.

I am confident that 2017 will be our year of recovery. With collaboration and hard work from everyone, TFD and companies within the group will definitely be able to generate profits.

We wish to express our heartfelt appreciation to all co-workers as well as our shareholders, customers, suppliers, financial institutions, the media, local and international investors and the general public for your great support. We hope to continue enjoying your warm trust in the years to come.

Yours truly,
Dr. Sunthorn Sathirathai