Company Background

Major reorganization of the company

CEO/ Managing Director Transition

Mr. Sathish Kumar Pushparaj will assume the role of Managing Director, effective 1 July 2025, as part of the succession plan and based on the proposal of the major shareholder. His appointment was approved at the Board of Directors Meeting No. 4/2025, held on 8 August 2025. In addition to becoming Managing Director, he was also appointed as director and executive across the group of companies, including Mr. Sathish Kumar Pushparaj is the Managing Director of Thai Marble Corporation Limited and serves as Director, Authorized Director, and Executive Director at Golden Lime Public Company Limited, Thai Marble Corporation Limited, and Golden Lime Engineering Co., Ltd. Additionally, he holds positions on the Board committees, including Chairman of the Executive Committee and Chairman of the Risk Management and Sustainability Development Committee at Golden Lime Public Company Limited.

Operations Line Realignment

After the Deputy MD left on 18 September 2025, all operational functions began reporting directly to the Managing Director.

Subsidiary Integration (Thai Marble Corp., Ltd. "TMC")

Managed and governed by Golden Lime PLC.

• Deputy Managing Director, TMC This role reports directly to the Managing Director and is tasked with supervising all aspects of marble production plant operations, as well as overseeing sales, marketing, and supply chain management.
• HR Reports directly to the HR Executive of Golden Lime PLC; each company follows its own functional reporting line.
• Finance & Accounting addressed to the Accounting and Finance Executive within the Finance leadership team at Golden Lime PLC.
• Mines & GCC/Marble Production Staff report to Golden Lime PLC’s Quarry Management Manager.

Supply Chain & Customer Service

Reported directly to the Managing Director and restructured operations into a customer-focused model encompassing logistics, quality control/assurance, and production planning to enhance delivery performance and foster strong customer relationships.

Maintenance

Centralized maintenance operations for Golden Lime PLC and Thai Marble Corp., encompassing the Chong Sarika, Huai Pha Wai, Phra Phutthabat sites, as well as GCC production processes.

Significant Developments Year 2025

Economic and governance

Diversification and Stability: Securing Raw Materials, Driving Sales, and Enhancing Net Profit

Securing Raw Material Stability

SUTHA and its subsidiaries aim to ensure a reliable supply of resources by acquiring a limestone mining concession in Khao Khao, Saraburi Province—an essential raw material for kiln operations. Thai Marble Co., Ltd., a SUTHA subsidiary, received this concession in 2020 and renewed it for another 20 years in October 2023. In addition, the Company applied to expand the concession area in 2025 to boost limestone availability. SUTHA is also exploring agreements to purchase limestone from other authorized suppliers to better serve customer requirements and strengthen long-term economic stability.

Fuel Procurement

The Company secured high-quality fuel from reliable suppliers, including importing premium U.S. Petcoke through strategic partnerships to share logistics costs and reduce fuel price volatility, consistent with its raw material procurement policy.

Driving Sales and Maintaining Market Base

During 2024–2025, sales growth from newly developed products, including Dolime and quicklime for AAC blocks, did not meet expectations due to a prolonged slowdown in the steel and construction industries, as well as global economic challenges. While these new product lines have not expanded as anticipated, SUTHA maintains its commitment to enhancing production and distribution processes to generate future opportunities. In 2025, SUTHA implemented process improvements and scaled up operations by investing in a second briquetting machine, enabling the compression of Dolime inventory into briquettes for market distribution. This initiative is intended to bolster preparation for the expected recovery in demand.

Ground Calcium Carbonate (GCC) Production and Trump Tariff Impact

Thai Marble Co., Ltd. invested over THB 50 million in GCC production. Sales met targets in early 2025, mainly from construction material exports to the U.S., but dropped sharply in the second half after the Trump Tariff increased import duties. Higher costs reduced U.S. orders, leading to lower sales and production utilization than planned.

Industry Leadership: Aim to lead in producing and distributing lime, calcium carbonate powder, and marble products through responsible service.

Ground Calcium Carbonate (GCC) Production Project

From 2024 to 2025, the Company invested over THB 50 million in building a GCC plant to support industries like construction materials, chemicals, paints, rubber, and animal feed. The project will be completed in 2025, enabling GCC product distribution via its subsidiary. This supports the company’s goal to become a leading GCC powder producer, a key business of Thai Marble Corp., Ltd.

The project initiated in 2024, this investment project aimed to expand the production capacity of Ground Calcium Carbonate (GCC) from the existing 60,000 tons to a maximum capacity of 120,000 tons. The expansion involved installing additional machinery and upgrading production processes to accommodate the increased output. Construction and investment were successfully completed in 2025, enabling the company to commence production and supply GCC products at full capacity. This ensures readiness to meet the growing demand across all customer segments.

Investment Plan for Expanding Quicklime Production Capacity

In response to the current economic slowdown and an oversupply of quicklime in the domestic market, SUTHA has opted to defer its planned expansion of lump lime production capacity. The company will instead prioritize investments in machinery upgrades and process enhancements aimed at improving operational efficiency and fulfilling the diverse needs of its customers across multiple industries.

Innovation and Technology

The Company is advancing its production processes with new technologies, such as the High-Performance Mill Lime Project for the autoclaved aerated concrete (AAC) industry. This involves the use of Two Vertical Shaft Kilns (150 TPD)—a technology adapted from Carmeuse and implemented for the first time in Thailand. The goal is to produce quicklime with specific properties tailored to customer needs, while continuously improving efficiency and customer satisfaction.

Innovation and Engineering Design: EOD Lime Kiln

The company has developed the EOD™ Lime Kiln using Parallel Flow Regenerative (PFR) Technology with a production capacity of 150 TPD. The goal is to maximize resource and energy efficiency through advanced PFR technology, which features a twin-shaft vertical lime kiln. The process is divided into three main zones:

• Preheating Zone: Heats limestone before calcination
• Burning Zone: The combustion zone
• Cooling Zone: Cools quicklime before discharge

PFR technology utilizes the principle of heat recovery by recirculating excess heat from waste gases in the burning shaft back to the preheating shaft. This approach optimizes energy use, reduces heat loss, and improves combustion efficiency.

This development aligns with the company’s innovation strategy, focusing on sustainable resource utilization and energy savings through heat recovery. It reduces fuel consumption, minimizes heat loss, and ensures consistent lime quality by maintaining uniform temperature distribution within the kiln.

Commercial Deployment: The EOD Lime Kiln technology has been successfully implemented under the Kurnia 2 project, as per the Purchase Agreement, with installation, inspection, and commissioning completed by Golden Lime Engineering Co., Ltd. (GLE).

Future Direction: Given market constraints, GLE has shifted its engineering strategy to strengthen internal processes and investments. Key initiatives include

• expanding GCC production capacity
• upgrading machinery
• developing visualization software for kiln control that integrates with existing hardware and PLC systems to manage new or modified equipment, such as
• upgrading the dust removal system from a wet scrubber to a bag house filter to increase efficiency and align with automated control systems.

Integrating the mechanical and electrical engineering teams with the production department enhances the ability to improve processes and effectively meet customer needs.

In 2025, the Company plans to enhance its hydrated lime production process to better satisfy customer needs by investing in the Replace Hydrated Lime Classifier project. This initiative, which began in 2024 with a total investment of 6.6 million baht, is designed to refine the production process so that the hydrated lime meets customers' specific size and fineness requirements.

The investment was made to support goals and strategies focused on customers. The primary machinery upgrade involves installing a classifier that will produce finer hydrated lime. Led by the engineering and project department, the project is scheduled to last 120 days and should be completed in 2025.

Dust Control project

Objective:
Upgrade the existing Wet Scrubber system to a Baghouse Filter to enhance dust filtration efficiency and significantly reduce water consumption. Project Value: THB 15 million, covering procurement and installation of all required components.

Key Benefits:

• Achieve over 99% dust collection efficiency, minimizing environmental impact.
• Reduce water and maintenance costs compared to the Wet Scrubber system.
• Ensure full compliance with emission standards and regulatory requirements.

This project supports the company’s sustainability objectives by improving air quality, conserving water resources, and reducing operational costs, while reinforcing compliance with environmental regulations.

EV Front Loader Project

Objective:
Reduce carbon emissions and transportation costs by replacing fossil fuel-powered machinery with an Electric Front Loader (EV Front Loader). This eco-friendly solution supports the company’s sustainability goals and contributes to lowering greenhouse gas emissions. Project Value: THB 11.26 million, covering the purchase of the EV Front Loader and all associated equipment.

Key Benefits:

• Significant reduction in carbon emissions from machinery operations.
• Lower fuel and maintenance costs compared to diesel-powered equipment.
• Enhanced operational efficiency with reduced noise levels, improving the work environment.

This initiative aligns with the company’s sustainable development objectives and energy management strategy. It demonstrates a strong commitment to minimizing environmental impact while promoting long-term financial efficiency.

Quality Management System for Thai Marble Corp., Ltd._ “TMC” (Subsidiary Company)

In 2025, TMC enhanced its quality governance and management systems to comply with the standards of ISO 9001. The company successfully obtained ISO 9001 certification for its marble product manufacturing, marble quarry operations, and Ground Calcium Carbonate (GCC) production process. This accomplishment demonstrates TMC’s commitment to upholding product quality and operational excellence in alignment with international standards, thereby strengthening customer confidence and satisfaction.

Sustainable Growth: Achieving long-term profitability and value for stakeholders

In 2025, the company faced a drop in revenue and financial performance due to competitive price cuts, economic challenges, geopolitical risks, and natural disasters.
SUTHA is addressing these issues by managing risks, following development plans, reducing costs, and sourcing fuel from dependable suppliers to stay competitive and profitable.

Developing Processes and Setting Standards for Sustainability

Good Corporate Governance

Establishing and integrating good corporate governance across all companies under management, featuring robust internal control systems and effective risk management processes that can efficiently handle various crises. These efforts aim to achieve sustainable business operations.

To align its business systems and processes with sustainability development, the Company has set up standards and procedures that stakeholders acknowledge, as evidenced by its sustainability assessments and rankings.

ESG Rating Assessment Results for 2025

In 2025, the company maintained a strong ESG management level with an “AA” rating, while improving its overall operational performance average. Notably, the Environmental dimension achieved a higher average score compared to the previous year, reflecting the company’s commitment to conducting business responsibly in terms of environmental stewardship, social responsibility, and good corporate governance. These efforts underscore the company’s dedication to creating long-term sustainability.

CGR Score Assessment Results for 2025

The company achieved the highest level of Corporate Governance Report (CGR) score for the sixth consecutive year, reflecting its strict adherence to the principles of good corporate governance. This accomplishment demonstrates the company’s commitment to continuously developing and improving processes to achieve its goals of strong governance, transparent management, and unwavering business ethics. These principles form the foundation for building trust among all stakeholders.

EcoVadis Sustainability Assessment Results for 2025

GOLDEN LIME ranks in the top 3% for corporate social responsibility in cement, lime, and plaster manufacturing according to EcoVadis. The company excels in sustainable procurement (top 1%), labor & human rights (top 2%), ethics (top 2%), and environmental practices (top 10%), earning an average score of 81/100 for its commitment to sustainability and ethical business.

Social

Safety and Health

The company operates with a strong focus on safety, occupational health, and a suitable working environment for employees, customers, partners, communities, and all stakeholders.
SUTHA received the International Lime Association & Vision Zero 2025 Safety Award in the category of Accident Prevention Culture, recognizing its commitment to workplace safety and the implementation of the ‘5 Layers Safety Patrol’ initiative. This award highlights SUTHA’s proactive safety culture and continuous efforts to achieve zero workplace accidents.
In 2025, the company successfully maintained its target of zero lost-time accidents, reinforcing its strong safety management practices.

Equal Employment Opportunities

SUTHA promotes equal employment opportunities, local workforce recruitment, fairness, and adherence to human rights principles. Under its HR development programs, the company introduced improvements in employee benefits, including: Increasing employer contributions to the provident fund Reducing the eligibility period for benefits from 5 years of service to 1 year Adjusting leave entitlements based on tenure, including additional annual leave days for long-serving employees

Education and Skill Development

The company encourages education and skill development to enhance employee capabilities and organizational growth. Initiatives include: Structured training programs for employees Setting individual KPIs for training hours to ensure compliance with development goals Cybersecurity awareness programs for employees using internal IT systems, including knowledge assessments and automatic enrollment in training courses for those identified as at risk based on evaluation results

Stakeholders Engagement

Fostering collaboration and engagement with stakeholders as a sustainability development across organizations, businesses, and society. The so called “the Behaviors in the SPOTLIGHT” comprised of Honesty feedback, Collaboration, Ownership and Passion aims to facilitate various activities through open dialogue, active participation, and a collective sense of ownership. This approach encourages overcoming challenges and embracing accountability in work responsibilities. By harnessing Passion and leveraging knowledge, skills, experience, and expertise, individuals can enhance their contributions within their roles, ensuring that the organization delivers value to customers and stakeholders while maintaining a commitment to social and environmental responsibility.

Environment

Environmental Management

Oversee procedures aimed at minimizing environmental effects, which includes implementing strategies to address climate change and its associated risks. Focus on waste management by decreasing the volume of scrap and materials sent to landfills, as well as reducing process waste to the lowest possible level.

Biodiversity Management

Manage biodiversity and the impact of business processes on ecosystem services, promote conservation and restoration of nature.

Environment Conservation

Encourage and facilitate environmental conservation initiatives while promoting the use of the Company's products to minimize environmental impacts, support the circular economy, and optimize resource management for maximum advantage

Subsidiary Governance under Sustainability Standard

Sustainability Operations of Thai Marble Corp., Ltd._ “TMC” in 2025

In 2025, Thai Marble Co., Ltd. operated under a sustainability development framework, focusing on managing marble production plants, limestone quarries, and marble quarries in compliance with environmental impact control standards and management guidelines set by the Department of Primary Industries and Mines and the Department of Industrial Works, Ministry of Industry. The company achieved Green Industry Level 2–3 certification, reflecting its commitment to responsible environmental practices and continuous improvement.

In addition, the company received the Green Mining Continuous Award 2025 from the Ministry of Industry, through the Department of Primary Industries and Mines, in recognition of maintaining green mining standards in marble and limestone mining operations. The company also earned a certificate for continuous social responsibility practices. Furthermore, in 2025, the company was honored with the Outstanding Green Mining Continuous Award 2025, acknowledging its excellence in sustaining green mining standards in the mining sector. These awards reaffirm the company’s commitment to conducting business responsibly toward the environment, society, and sustainable development. The company emphasizes efficient resource management, minimizing environmental impact, and ensuring safety throughout its production processes.

Major reorganization of the company

Addition in engineering and project department

The budget expenditure management for Golden Lime Engineering Co., Ltd. (GLE), which primarily manages the company's projects and those of its subsidiaries, is undergoing optimization. To better align income and expenses with the risk management plan and improve budget efficiency, the organizational structure has been updated. This includes establishing new engineering and project units and reallocating engineers and related personnel from GLE to lead these divisions. The new structure will report directly to the Deputy Managing Director of Operations and will concentrate on investment projects, process enhancements, and various engineering elements of major investment initiatives, starting September 1, 2024.;

The change of command in the Human Resources Department.

Following the recruitment of personnel to support the key succession plan and oversee the Human resources development planning resulting in the recruitment of new personnel to hold the position of Senior Executive of Human Resources, the direct reporting structure to the Managing Director and Senior Manager of Human Resources who will retire in 2025 has been changed. The original Human Resources line of command that reported directly to the Deputy Managing Director has been changed to report directly to the Senior Executive of Human Resources, effective from October 1, 2024.

Transition of the top position in accounting and finance.

The Senior Manager of Accounting and Finance previously held the highest level of responsibility within the Accounting and Finance department. This structure has been revised, with the position now reporting directly to the Senior Executive of Accounting and Finance, who has been elevated from the role of Manager of Financial Analysis and Control. This change will take effect on October 1, 2024, as part of a strategy to align with the succession plan for key roles, which has been developed in response to the personnel retirement plan.

The development of business characteristics :

1. Diversification and Stability 

Focus on increasing the diversity and stability of raw materials, boosting sales, and generating operational profits to enhance net profit.

• SUTHA and its affiliated companies are on track to secure a reliable resource supply for their production processes. They have received authorization to extract limestone from the Khao Khao mining concession in Saraburi Province, which will serve as a key raw material for SUTHA's kiln operations. This concession is held by Thai Marble Company Limited, a subsidiary acquired by SUTHA through a share purchase from the original owners in 2020. The concession, which expired in October 2023, can be renewed for an additional 20 years, starting from that date. This renewal is crucial for enhancing economic stability, enabling SUTHA to pursue long-term growth and tackle challenges while fostering its sustainability development for the business and its stakeholders.
• SUTHA is committed to sourcing fuel for its production from dependable suppliers, ensuring that the raw materials possess high heating efficiency. The procurement strategy is designed to meet storage requirements and align with demand levels, allowing for adequate inventory management.
• The introduction of new products aims to mitigate revenue impacts and stabilize sales. However, challenges remain due to intense competition, pricing strategies, and the need for consistent product quality across industrial sectors. Additionally, the steel industry has seen a decline in demand, partly due to competition from cheaper imported substitutes from China. Continuous development is essential to recover and enhance sales within the steel sector, aiming for growth and improved market performance.

2. Industry Leadership 

Aim to be a leader in the production and distribution of lime, calcium carbonate powder, and marble products by delivering responsible products and services.

• Investment in increasing production capacity: In light of the anticipated demand for lime products in 2024, which does not align with current production capabilities, the project to expand lime production capacity and the plan to build the 8th lime kiln have been put on hold. This decision allows for a thorough evaluation of the overall market conditions, shifts in market demand from initial projections, and exploration of alternative options, such as acquiring lime kiln assets from other manufacturers. A comprehensive feasibility study will assess investment viability and environmental considerations, indicating that no actions will be taken this year.
• Investment in increasing production capacity of calcium carbonate powder: To achieve leadership in the calcium carbonate powder market, Marble Co., Ltd., a subsidiary, is launching an initiative focused on GCC products.

3. Innovation and Technology

Develop processes and products using technology and innovation, creating business growth opportunities through new product development.Develop processes and products using technology and innovation, creating business growth opportunities through new product development.

• Product development for the lightweight brick sector Customizing the Two Vertical Shaft Kiln 150TPD lime kiln for lime production tailored to the lightweight brick sector. The high-performance mill lime initiative is a key project that incorporates advanced production technology, with the company securing machinery and equipment from the Carmeuse Group, an indirect stakeholder, under a confidentiality agreement regarding know-how and copyright. This initiative aims to enhance the production process, ensuring the lime produced meets the specific requirements of the lightweight brick industry. It marks the first instance of utilizing production technology and innovation in Thailand's production processes. The innovation and design engineering of the EOD Lime Kiln involves the development of the Parallel Flow Regenerative (PFR) Technology EODTM lime kiln system, which has a production capacity of 150 TPD. This initiative focuses on optimizing resource and energy management for maximum efficiency. By enhancing the capabilities of the Parallel Flow Regenerative (PFR) Technology, which features a vertical lime kiln with two chimneys, the design incorporates a heating system that segments the combustion process into three distinct phases:

(A) Preheating Zone for lime before the kiln process
(B) Burning Zone for the active combustion phase
(C) Cooling Zone to dissipate heat from the burned lime before offloading.

PFR technology operates on the principle of recycling excess heat from unused combustion gases (Waste Gas) emitted from the combustion chimney. This heat is redirected back into the chimney designated for combustion in the Preheating Zone, maximizing energy efficiency and heat utilization. The design and engineering of this system align with the objectives of advancing technology and creating innovative products that enhance resource utilization. Under the Purchase Agreement Kiln contract for the Kurnia 2 project, Golden Lime Engineering Co., Ltd. (a subsidiary) has successfully delivered all machinery and equipment as per the contract. The customer is nearing the completion of installation after a suspension of over two years. Currently, the Kurnia 2 project is 90% complete in terms of machinery and equipment installation, with only 10% remaining for the commissioning phase. This project represents a significant advancement in Thai lime kiln technology and innovation, marking the fourth EOD Lime Kiln brand. It is anticipated that the project will be fully operational and ready for production

4. Efficiency and Customer Satisfaction:

Promote and develop improvements in both the company's and customers' production processes, ensuring customer satisfaction by producing industry-specific products and providing appropriate product usage advice at competitive prices.

In 2024, a new production process for hydrated products was initiated to align with customer requirements, involving a 5.5 million-baht investment in the Replace Hydrated Lime Classifier project. This initiative aims to refine the production process to achieve the desired size and fineness specifications set by customers.

In 2024, a new production process for hydrated products was initiated to align with customer requirements, involving a 5.5 million-baht investment in the Replace Hydrated Lime Classifier project. This initiative aims to refine the production process to achieve the desired size and fineness specifications set by customers. Recognizing the critical need for investment to meet customer-centric objectives, the primary machinery investment project will involve the installation of a Classifier to produce finer hydrated lime. This project is expected to be completed within 120 days, managed by the Engineering and Project Department of GLE, and is scheduled for completion in 2024.

5. Sustainable Growth

Maintain business growth with long-term profitability to generate returns for stakeholders.
Additionally, in 2024, advancements were made in the lime production process for the lightweight brick sector. An investment of 5.5 million baht was allocated to customize the production process for delivery-grade lime specifically for this industry. SUTHA has worked on enhancing the quality of Mill Lime AAC grade lime to fulfill the needs of lightweight brick manufacturers. This project, which aims to better meet industry demand, will be executed over a 90-day period, with oversight on design, machinery procurement, and installation handled by the engineering team of GLE.

Sustainable growth : Ensure sustained business expansion to achieve long-term profitability and generate returns for stakeholders. In 2024, the long-term growth and profit objectives have yet to reflect positive economic growth trends. Financial indicators suggest that due to intense competition in the market, along with shifts in customer demand and pricing pressures, achieving the goal of increasing revenue may fall short of expectations. Nevertheless, SUTHA remains capable of adapting to various challenges and mitigating impacts through effective risk management and ongoing developments. This resilience helps maintain competitiveness, a stable revenue base, and an improving profit margin driven by efficient cost management and fuel sourcing. Sustainability development SUTHA adheres to its sustainability development framework to align systems and business processes with sustainability development, utilizing standardized practices recognized by stakeholders. This commitment is reflected in the "ESG Rating," where the assessment for 2024 improved to "AA," up from "A" the previous year.

6. Good Governance

Establishing and integrating good corporate governance across all companies under management, featuring robust internal control systems and effective risk management processes that can efficiently handle various crises. These efforts aim to achieve sustainable business operations.
According to the evaluation results from the CGR Score project in 2024, SUTHA achieved top scores for the fifth consecutive year, reflecting a strong commitment to enhancing every operational aspect. This commitment to good corporate governance is demonstrated through transparent management, ethical business practices, and dedicated leadership.

Social

• Safety and Health: The company operates with a strong focus on safety, occupational health, and a suitable working environment for employees, customers, partners, communities, and all stakeholders.
  SUTHA successfully reached its objective of minimizing accidents within the safety management sector for its employees to zero. Nevertheless, incidents that resulted in work stoppages occurred among the company's contractors. However, cultivating safety awareness behaviors in employees is achieved the goal in 2024.
• Equal Employment Opportunities: Promote equal employment opportunities, local hiring, equality, and operations under human rights principles.
• Education and Skill Development: Enhance opportunities for education and skill development to improve the quality and potential of personnel, fostering organizational development.
• Stakeholder Engagement: Fostering collaboration and engagement with stakeholders as a sustainability development across organizations, businesses, and society. The so called “the Behaviors in the SPOTLIGHT” comprised of Honesty feedback, Collaboration, Ownership and Passion aims to facilitate various activities through open dialogue, active participation, and a collective sense of ownership. This approach encourages overcoming challenges and embracing accountability in work responsibilities. By harnessing Passion and leveraging knowledge, skills, experience, and expertise, individuals can enhance their contributions within their roles, ensuring that the organization delivers value to customers and stakeholders while maintaining a commitment to social and environmental responsibility.
  

Environment

• Environmental Management: Oversee procedures aimed at minimizing environmental effects, which includes implementing strategies to address climate change and its associated risks. Focus on waste management by decreasing the volume of scrap and materials sent to landfills, as well as reducing process waste to the lowest possible level.
• Biodiversity Management: Manage biodiversity and the impact of business processes on ecosystem services, promote conservation and restoration of nature.
• Environmental Conservation Activities: Encourage and facilitate environmental conservation initiatives while promoting the use of the Company's products to minimize environmental impacts, support the circular economy, and optimize resource management for maximum advantage
  
  In 2024, motivated by a commitment to corporate governance, the focus will be on aligning operations and processes with sustainability principles. This includes managing risks to mitigate the effects of fluctuating demand and market competition, as well as implementing Cost-saving projects to lower production expenses. Additionally, efforts will be made to identify new customer segments to compensate for lost volumes and address challenges posed by a declining demand by industry. The success of collaborative supply chain management will be highlighted by the value delivered to key stakeholders, culminating in the receipt of the "Sustainability Award." This recognition underscores our dedication to adapting business practices in line with sustainability development while fostering trust and confidence among stakeholders.

• On December 26th 2023, SUTHA successfully registered GHG emission reduction program, developed by Thailand Greenhouse Gas Management Organization (TGO) namely Thailand Voluntary Emission Reduction Program (Standard T-VER) with its GHG emission/result in carbon sequestration at 1,543 tCO2eq per year of the period registered January 1st 2023 - December 31st 2029 (SUTHA carbon offset is irrelevant to this registered project due to decreased scope 2 emission from the decrease of purchasing electricity. The Carbon credit gained from this project is tradeable via registering for annual carbon credit trading for other firms to purchase carbon credits for compensation for their future greenhouse gas emissions.)
  
• In November 2023, Golden Lime PLC received “A” certification from “SET ESG Rating” , the former Sustainable Stocks Project (THSI), according to the company's sustainability development performance.
  
• In November 2023, Golden Lime PLC received “Excellent” for the 4th consecutive year (Y2020-2023) from the Corporate Governance Report of Thai Listed Companies 2023 (CGR)
  
• On September 20, 2023, the successful purchase of 5 rai land for the solar farm expansion project connected with the company's existing land of 5 rai, totaling 10 rai land for solar farm expansion
  
• March 2023, evaluated and ranked for an "excellent" level for the second year in a row.
  
• In December 2023, Golden Lime Public Company Limited, based on 2023 performance, received a “GOLD” certificate from Ecovadis.
  
• In December 2023, Golden Lime Public Company Limited, based on 2023 performance, received a “GOLD” certificate from Ecovadis.
  
• On February 15, 2023, the change in paid-up capital from the right offering was successfully registered with the Department of Business Development, Ministry of Commerce, issuing 75,000,000 newly issued common shares for 4 baht per share, at an offering ratio of 4 existing common shares to 1 new common share. The subscription period and payment of subscription fees for newly issued ordinary shares started from February 6, 2023, to February 10, 2023 (total 5 business days) and at the end of the subscription period, the total number of shares subscribed and paid for is 62,393,057 shares, resulting in the company’s paid-up capital of 362,393,057 THB with a par value of 1 baht to 362,393,057 common shares.
  
• January 6, 2023, The Extraordinary General Meeting of Shareholders approved the increase of the company's registered capital from the original registered capital of 300,000,000 baht to a new registered capital of 375,000,000 baht by issuing 75,000,000 additional common shares with a par value of 1 baht per share, totaling 75,000,000 baht. The change in the company's registered capital was registered and the Company's Memorandum of Association, Section 4, was amended on January 12, 2023 according to the above details at the Department of Business Development, Ministry of Commerce.

• On 13 December 2022 , Golden Lime Public Company Limited or SUTHA received the “ Excellence “ Award in Environment, Social and Governance of ESG Supplier Award 2022 presented by the customer, namely POSCO THINOX.
  
• On 21 November 2022, Golden Lime Public Company Limited or SUTHA received the 2022 ‘Outstanding’ award for the sustainability model organization in the Thai capital market, for supporting disabled people, from the Securities and Exchange Commission in collaboration with the Department of Skill Development, Department of Employment, Department of Empowerment and Development of the Life of Persons with Disabilities - Ministry of labor, Thai Listed Companies Association and the Association of Disabled Persons Council of Thailand.
  
• On November 10, 2022 Golden Lime Public Company Limited or SUTHA received "2022 Environmental Governance " organized by the Lopburi Provincial Industrial Office as a reward for enterprises that developed efficient environmental management and monitored the impact of pollution toward the nearby communities and stakeholders in order to promote environmental governance and maintain industrial networking.
  
• On 10 November 2022, the Board of Directors Meeting No. 5/2022 resolved to approve the Extraordinary General Meeting of Shareholders (EGM 1/2023) on January 6, 2023 and 28 December 2022 announce the final allocation ratio and number of offered shares for the Rights Offering to propose for approval of the increase in the registered capital of the company including the amendment of the Clause 4. ; the Company's Memorandum of Association (regarding registered capital) to be in line with the increase of registered capital from the registered capital of 300,000,000 baht amended to 375,000,000 baht by issuing ordinary shares in the amount of not more than 75,000,000 shares at a par value of 1 baht per share, totaling increased registered capital of 75,000,000 baht.
  
• On 10 November 2022, the Board of Directors' Meeting No. 5/2022 resolved to approve the Company to enter into the Asset Acquisition Transaction consisting of adding 1 MW capacity of Solar Farm and purchasing 1 plot of land of 5 rai. There is a connected transaction for the engineering, procurement and construction service contract of the solar farm adding 1 MW capacity at Chong Sarika branch (Phase 3), which is considered as a medium-sized transaction as reported to the SET on November 11, 2022.
  
• On 18 August 2022, The corporate structure was changed as a result of the completion of liquidation of Saraburi Quicklime Co., Ltd., a subsidiary company, which registered its liquidation with the Department of Business Development, Ministry of Commerce with the completion of capital repayment. (Lands and plants, the core assets of Saraburi Quick Lime Co., Ltd. were transferred to Phra Phutthabath branch since October 2019 and to be operated under the management of Golden Lime Public Company Limited).

• On 11 August 2021, the Company entered into the medium-size connected transaction for Engineering, Procurement and Construction in order to increase 0.5 MW generation capacity to Solar Farm at Chong sarika. This project investment was granted investment promotion from the Board of Investment as per BOI certificate no.62-1008-1-01-1-0 dated 12 September 2019 to increase solar farm capacity from 2.0 MW to 2.5 MW.
  
• On 17 August 2021, the Company achieved the certificate from the Department of Labor Protection and Welfare for the application to the Good Labor Practice (GLP) into the Company’s business management and administration practices.
  
• On 29 September 2021, the Office of the Board of Investment approved to GL in adding more product types without additional investment to BOI Promotion Certificate No. 64-0133-1-04-1-0 dated February 8, 2021 for both products; calcium oxide (Calcium Oxide) and Calcium Magnesium Oxide (Calcium Magnesium Oxide), including their production capacity at 151,500 tons. In this regard, the application of tax privileges for added calcium oxide and calcium magnesium oxide products started from 26 August 2021.

• On 21 December 2020, the Company received promotional privileges from the Board of Investment for the capacity expansion of the manufacture of Calcium Oxide by using the electricity from the solar farm with a 1.0 MW capacity at Prabuddhabaht plant.
  
• On December 9, 2020, the Company was granted an investment promotion approval under Certificate No. 62-1008-1-04-1-0 dated September 12, 2019, for the expansion of its solar panel installation capacity from the original 2 MW to approximately 2.5 MW for electricity generation to support the production operations at the Chong Sarika branch.
  
• On 13 May 2020, the Company entered to the acquisition transaction of Thai Marble Corporation Limited (“TMC”) which operates the production and distribution of marble products and by-products from marble production including owned concessions limestone and marble quarries as well as sublease a quarry to others. The acquisition transaction was of 3,305,126 paid-up ordinary shares of TMC, the Company proceeded the payment to the seller - the Ministry of Finance and CPB Equity Co., Ltd. who are the previous shareholders and not be as the connected persons with the Company total amount of 605 million Baht.
  
• The operation of Branch 1 (Na Pralarn) was stopped and received a permit to temporarily stop the operation according to the factory license no. 10190200225354 since 3 August 2020. The relocation of machines was managed under the Network Rationalization project to minimize the operation cost, raw material transportation cost and others in the long term. However, this project will not affect production capacity and customer demand.
  
• On 19 June 2020, the Company received the permit approval of the solar farm project total capacity 1,999.80 KW to generate the electricity used in the production process located on the land deed no. 1285 according to the Factory Permit no. 40160036125635 (Ror Ngor.4) registered no.02-8/2563 dated 19 February 2020 issued by the Ministry of Industry.
  
• On 26 June 2020, the Company received the License of Electricity Generation no.KorKorPor 01-1(1)63-946
  
• On 17 June 2020, the Company received the License of Energy Control no.KorKorPor.(PorKor.2)-262/2563 from Department of Alternative Energy Development and Efficiency
  
• On 21 August 2020, the Company received the permit approval from PEA to connect the generator from Solar farm with PEA’s electricity system
  
• On 14 August 2020, the Company entered the medium-size connected transaction of CAVA Project to purchase machines and equipment with the licensed technology. This CAVA technology will enable the Company to produce a new premium grade lime product selling to new customers to be more competitive and to increase the market share.

• On 14 May 2019, the Board of Directors Meeting no.3/2019 has approved the Company to sign on the Memorandum of Understanding (“MOU”) with the Contractor who offered the best commercial proposal on the Solar Farm Project with a 2 MW capacity at branch 2 Chongsarika Plant to produce the electricity supply for the production process. The said project has received the BOI promotion refer to the Notice of Resolution no.1305/004859 as of 25 July 2019, the BOI certificated reference number 62-1008-1-04-1-0 issue on 12 September 2019. And the Factory permit (RN-4) approved by the Department of Industrial Works(“DIW”) for the Solar Farm project to generate electricity power located on land deed no.1285 at Moo.12, Chang Sarika, Pattananikom, Lopburi, the certificate issued date on 30 January 2020.
  
• On 14 May 2019, the Board of Directors Meeting no.3/2019 has a resolution to propose the Extraordinary General Meeting of Shareholders which was held on 14 August 2019 and the said shareholder meeting approved the restructuring plan of the company group by transferring the Entire Business of Saraburi Quicklime Co., Ltd. (“SQL”) to Golden Lime Public Company Limited (“GL”). In this regard, GL holds 99.99 percent of SQL’s ordinary share. For this transaction, GL appointed the Legal & Tax Advisor from KPMG Phoomchai Tax Ltd. for undertaking this matter until its completion.
  
• On 1 October 2019, GL registered its branch No. 4 which is same address of SQL for preparing the acquisition of entire business transfer of SQL.
  
• On 1 December 2019, SQL has transferred its Entire Business to GL and also, transferred the factory license including all operating permits and ownership of land and buildings, other assets such as cash, bank deposits, trade accounts receivable and all other current assets as well as the outstanding debt burden with trade and financial institution creditors to GL, the transferee.
  
• On 17 December 2019 after the Entire Business Transfer, SQL registered the dissolution with the Department of Business Development and enter into the liquidation process and will return the remaining capital to GL, its shareholder, after the tax audit on dissolution and entire business transfer by the Revenue Department is completed.

• On 19 March 2018, the Company has successfully closed the acquisition of entire equity interest in Saraburi Quicklime Co., Ltd. (“SQL”) comprising 48,500 fully paid ordinary shares from all existing shareholders who are not related person to the Company for total consideration of THB 320 million.
  
• On 20 April 2018, the Division of the Industrial factory to approve the factory permit at Huai Pa Wai to was running the factory operation with Kiln 7 (EOD? Lime Kiln) complete the test commissioning and running on the production.
  
• On 15 May 2018, the Board of Directors approve the organization chart that integrated between Golden Lime Public Company Limited and Subsidiary (Saraburi Quicklime Co., Ltd.) and approved appointment the Executive to administration according to the integration planning.
  
• On 5 October 2018, the Company was awarded the Innovation Organization Award from the National Innovation Agency (Public Organization) and the Stock Exchange of Thailand. According to the innovative program for entrepreneurs in the Stock Exchange of Thailand.

• The Company has successfully registered a subsidiary named Golden Lime Engineering Company Limited on 15 March 2017 and has the shareholding of 99.99%. The business is mainly focused on engineering consulting services and engineering design, including the production and distribution of machinery and equipment under the trademark EOD? Lime Kiln.
  
• Received the certificate of the Registration of the trademark no. 171102641 on 2 October 2017 for the trading of products and services of the lime kiln machinery for the general chemical industry, under the company name Golden Lime Engineering Company Limited, a subsidiary company.

• Received the certificate of the Registration of the trademark no. Bo71433 on 26 July 2017 for the trading product and services of Program development and designed for the control system of Limekiln machinery for the general chemical industry, under company the name Golden Lime Engineering Company Limited, a subsidiary company.

• The Board of Directors appointed Mr. Geza Emil Perlaki as the new Managing Director.
  
• Relocation of the head office of the Company to No. 89 Cosmo Office Park, 6th Floor, Unit H, Popular Road, Banmai Sub-district, Pakkret District, Nonthaburi Province 11120, the system of the value-added tax effective on 1 December 2017

• There are some changes to major shareholder structures and executive structure from Mr. Kiatikul Monsereenusorn family, the founder of the company. The new major shareholders are a Carmeuse affiliated corporation which is the world's leading lime supplier and GP Group affiliated corporation.
  
• The Company received the investment promotion of Calcium Hydroxide products; promotion certificate no. 59-0430-100-1-0; production capacity at 116,800 tons.
  
• The Company received Thai Industrial Standard symbol for industrial lime; license no. 1240-7/319 issued on July 4, 2016 under the trademark of RHINOCEROS BRAND and MOUNTAIN BRAND.
  
• The Company Registered the trademark no. 161104081 on September 13, 2016
  
• On September 29, 2016, company’s shareholder structure changed when CE Lime (Thailand) Co., Ltd purchased 45 percent of the Company shares. The purchase has affected company’s board of director and executive structure.
  
• On October 10 – November 15, 2016, CE Lime (Thailand) Co., Ltd submitted tender offer. According to tender offer report on November 16, 2016, the number of shares has 7.13 Percentage of Total issued and Paid-up Shares at the time during the tender offer was made. As a result, CE Lime (Thailand) Co., Ltd owns 52.13 percent of company share after the tender offer was made.
  
• The Company received Halal certificate for Lime and Calcium Carbonate product sold under the trademark of RHINOCEROS certificate no. HL 70/2559 registration date: October 31, 2016.
  
• The Company launched the first machines and equipment sale project in Indonesia. The First project has started on production mode on November 2016.

• The Company delivered machines and equipment as part of manufacturing machines and equipment sale project. After the delivery, customers will start an installation. Commissioning test will start as soon as the installation has completed. The Company will assist the customers throughout commissioning testing process.
• The Company developed new products from Barite, a mineral containing barium sulfate (BaSO4). The new products have undergone experiment and production testing before selling them on the market. The products were sold to oil industry first.
  
• For the first time, The Company’s annual general meeting 2015 was evaluated as a part of Annual General Meeting 2015 evaluation project initiated by Securities and Exchange Commission Thailand (SET), Thai Investors Association, and Thai Listed Companies Association. The company received “Excellent” result from Annual General Meeting 2015 evaluation.
  
• The Company received Assessment of Sustainability Development Level of Listed Company result which is a part of Sustainability Development project for listed company. The assessment was carried out by Thaipat Institute sponsored by Securities and Exchange Commission Thailand (SET). This was the second time since the company has joined the Stock Exchange of Thailand. The company received level 3 “Established” on Anti-corruption progress indicator.
  
• The Company received Corporate Governance Report of Thai Listed Company. This was the first year the Company was surveyed after joining the Stock Exchange of Thailand in 2014. The Company has received overall good result. The survey was carried out by Thai Institute of Directors.
  
• The Company was invited to participate and promoted campaigns for worker skill development for business demand 2015 project in Suphanburi, Ang Thong, Saraburi, Lopburi, Phra Nakhon and Si Ayutthaya area. The campaigns were organized by Srinakharinwirot University and Department of Skill Development.
  
• The Company was awarded with a dedicated security establishment award from Her Royal Highness Princess Maha Chakri Sirindhorn.
  
• The Company was given an award from worker skill development for business demand 2015 project from Department of Skill Development, Department of Employment.

• On March 26 – 28, 2014, the company offered 75 million common shares at 3.7 baht each to the public. The total price of all these shares was 277.5 million baht.
  
• On March 31, 2014, the Company received paid-in capital and registered paid-in capital change with Ministry of Commerce. The company received paid-in capital of 300 million baht
  
• On April 2 2014, the Stock Exchange of Thailand received shares from the Company as listed security in the Stock Exchange of Thailand with “SUTHA” as the stock symbol. The first day trade was on April 3, 2014.
  
• On August 19, 2014, the Company applied for investment promotion from the Board of Investment Thailand (BOI). The investment was to increasing Calcium Oxide production capacity to 120,000 tons with 250 million baht investment. The project location was at Branch no. 3 Huai Pa Wai, Phra Phutthabat District, Saraburi. The Company planned to build 2 lime kilns with product capacity of 150 tons per day. They planned to build one kiln at a time. The project was expected to complete in 2017.

• On 27 March, 2013, shareholders passed a resolution on public company conversion to prepare for listing in Stock Exchange of Thailand
  
• Certified 3rd level green system of the Green Factory Standard by the Ministry of Industry from 2013-2016

• Build the Calcium Oxide grinding plant and installation of additional crushing

• Increased its registered capital to THB 225 million in order to restructure company capital structure preparing to listing in Stock Exchange of Thailand (SET); the increased capital was used as working capital for capacity expansion
  
• Obtained an investment privilege form Board of Investment of Thailand (BOI) in April 2011 for Calcium Oxide and Calcium Hydroxide business
  
• Received ISO 14001:2004 certification for its environmental control system
  
• Received OHSAS 18001:2007 certificate for safety control and industrial hygiene

• Building another 2 kilns which start operation in Dec 2011 and Feb 2012 respectively
• Improve concrete area and local transportation around the plant
• Awarded Excellence of “Stone Mill & Mining” Award for 3 consecutive years (2008-2010) from the Pollution Control Department

• The Company received Awarded Excellence of “Stone Mill & Mining” from the Pollution Control Department

• Increased its registered capital to THB 190 million for 50-Rai land acquisition to expand the Chongsarika factory
• The Company received Awarded Excellence of “Stone Mill & Mining” from the Pollution Control Department.

• Increased its registered capital to THB 175 million for business expansion
  - Invested on another kiln (increasing quicklime capacity by 54,750 tons/year)
  - Used for land acquisition to expand raw material storage
  - Obtained an investment privilege from Board of Investment of Thailand (BOI) in December 2007 for Calcium Oxide business
  
• Obtained an investment privilege form Board of Investment of Thailand (BOI) in April 2011 for Calcium Oxide and Calcium Hydroxide business
• The Company received ISO 9001:2008 certificate for its quality control system

• The Company increased its registered capital to THB 150 million to invest on a new kiln, increasing quicklime production capacity by 54,750 tons/year.