Company Background

SAAM Development Public Company Limited, was established on 7 September 2007 to engage in the business of project site procurement and rendering of services within solar power projects. The Company, with Mr. Podduang Kongkamee and Ms. Krittiya Honghiran as major shareholders and directors, foresaw business opportunities and started developing solar power projects alongside its client, whereby SAAM Group invests in the procurement of the right to land, whether in the form of leasehold rights or land ownership, for use as project site location for ground-mounted solar power projects, as well as provides services relating to security and cleaning of equipment and the surrounding area throughout the period of the agreement. SAAM Group has 17 projects in conjunction with its clients, with total capacity of approximately 41.1 MW on 750-3-48.5 rais of land.

In 2015, the Company expanded its revenue base in investment in renewable energy projects as operator of solar power project. SAAM Solar Power One Company Limited (“SAAM-SP1”) and SAAM Solar Power Two Company Limited (“SAAM-SP2”), which are subsidiaries of the Company, entered into 2 Power Purchase Agreements (“PPA”) with the Provincial Electricity Authority (“PEA”) with installed capacity and output capacity of 2.0 MW under the Feed-in-Tariff (“FIT”) scheme at the rate of THB 5.66 per kWh for a duration of 25 years. On 30 December 2015, 1 project, located in Pattananikom Sub-District, Pattananikom District, Lopburi Province, commenced commercial operations (“COD”). The project, under SAAM-SP1 in which the Company holds 100% of shares, has installed capacity and output capacity of 2.0 MW.

The project under SAAM-SP2 is on hold with regards to construction as SAAM-S entered into a Power Purchase Agreement (“PPA”) with the PEA on 12 May 2015 with interconnection point at Di Lang Sub-District, Pattananikom District, Lopburi Province and Scheduled Commercial Operation Date (“SCOD”) within 31 December 2015. On 21 May 2015, SAAM-SP2 held a public hearing whereby locals in the area surrounded the event in protest opposing such project pertaining to force majeure. As such, SAAM-S was not able to continue construction of the solar power project. On 3 June 2015, SAAM-SP2 informed relevant authorities in writing requesting relocation of the project, after which a problem in the consideration process of relevant authorities led to inability to relocate as intended to commence commercial operations as scheduled within 31 December 2015. As a result, on 28 July 2016, SAAM-SP2 filed for litigation to the Central Administrative Court on charges that relevant authorities impose acts of administration which are unlawful in delayed negligence, causing damage to SAAM-SP2 and leading to it not being able to operate the project on the original location in time. On 25 September 2019, the Central Administrative Court rendered a verdict dismissing the charges, and on 25 October 2019, SAAM-SP2 filed for appeal against the Central Administrative Court’s verdict before the Supreme Administrative Court. Such legal proceeding is currently being considered by the Supreme Administrative Court.

At present and in the upcoming future, SAAM Group aims to operate its business in renewable energy project development for sale, with plans to expand its business in continuously developing various types of renewable energy projects such as solar power projects, biomass power projects, geothermal power projects, hydro power projects, and wind power projects in potential geographies including Japan and other countries in Asia, to generate cash flow streams for use as capital in investing in renewable energy projects which SAAM Group has developed to create continuous revenue streams. In the long-term, SAAM Group will engage in renewable energy project development for sale domestically and internationally, as well as the procurement of project site location and rendering of related services for constant returns. In addition, SAAM Group places emphasis on investment in businesses related to renewable energy project operations to strengthen the value chain for stakeholders of the renewable energy project in the future.

Year 2007

7 September 2007 Siam Advanced Asset Management Company Limited was established with initial paid-up capital of THB 1,000,000, divided into 10,000 common shares with par value of THB 100 per share, paid in full, headquartered at 17 Soi Ramkhamhaeng 22, Ramkhamhaeng Road, Huamark, Bangkapi, Bangkok to operate project site procurement and rendering of services business for solar power projects.
September 2007 The Company started operating 2 projects with the client comprising Angthong Project located in Mueang Angthong District, Angthong Province with contract capacity of 1.3 MW on 27-3-4.1 rais of land and Petchaburi Project located in Cha-am District, Petchaburi Province with contract capacity of 2.7 MW on 75-2-18.0 rais of land.

Year 2010

20 April 2010 The Company increased share capital from THB 1,000,000 to THB 5,000,000 through 40,000-share rights offering to existing shareholders with par value of THB 100 per share, paid in full, for use as investment and working capital to support business expansion.
Operate 4 additional projects with the client comprising Lopburi 1 Project, Lopburi 4 Project, Lopburi 5 Project, and Lopburi 6 Project in Pattananikom District, Lopburi Province with total contract capacity of 12.1 MW on a total of 334-1-39.1 rais of land.

Year 2011

Operate 1 additional project with the client, namely Ubon Project in Sirindhorn District, Ubon Ratchathani Province with contract capacity of 5.0 MW on 114-3-78.0 rais of land.

Year 2015

20 July 2015 Extraordinary General Meeting No. 1/2015 passed a resolution approving the increase of registered capital from THB 5,000,000 to THB 110,000,000 through 1,050,000-share rights offering to existing shareholders with par value of THB 100 per share, paid in full, for use in business expansion.
Operate the following 10 additional projects with the client: - 5 projects in Khao Yoi District, Petchaburi Province: BSP-4, BSP-5, BSP-6, BSP-7 (1), and BSP-7 (2) Projects with total contract capacity of 10.0 MW on a total of 102-2-21.0 rais of land - 5 projects in Kuiburi District, Prachuap Khiri Khan Province: AOSP (3), SPV-1 (1), SPV-1 (2), SPV-1 (3), and SPV-2 Projects with total contract capacity of 10.0 MW on a total of 95-2-88.3 rais of land

The Company expanded its revenue base to renewable energy project investment business as operator of solar power projects. SAAM-SP1 and SAAM-SP2, subsidiaries of the Company, have entered into 2 Power Purchase Agreements (PPA) with the Provincial Electricity Authority under FiT scheme for project duration of 25 years with installed and output capacity of 2.0 MW per project. 1 project commenced commercial operations (COD) on 30 December 2015, located in Pattananikom District, Lopburi Province with installed and output capacity of 2.0 MW operating under SAAM-SP1 which the Company holds 100% stake in.
SAAM-SP2 Project construction phase is currently on hold following force majeure event whereby locals closed the area to protest and oppose the operation of the project, leading to SAAM-SP2 not being able to construct and operate the project in Dilang Sub-district, Pattananikom District, Lopburi Province by the SCOD deadline of 31 December 2015 according to the PPA. SAAM-SP2 had filed for relocation but issues in the approval process of relevant authorities resulted in the project not being able to relocate as intended. SAAM-SP2 project is still undergoing legal consideration.

Year 2016

1 December 2016 Extraordinary General Meeting No. 3/2016 passed a resolution approving the change of company name from Siam Advanced Asset Management Company Limited to SAAM Development Company Limited to support renewable energy project development business.

Year 2017

1 January 2017 The Company changed its headquarter to 141 Major Tower Thonglor 10th Floor, Room No. 2.2, 141 Soi Sukhumvit 63 (Ekamai), Sukhumvit Road, Klongton Nua, Wattana, Bangkok to support business expansion.
The Company expanded its scope of business to renewable energy project development in Japan, and underwent the following group restructuring:
- 4 January 2017 The Company purchased 99,998 newly issued shares in Solar Investment International Limited, established in Hong Kong Special Administrative Region of the People's Republic of China (“Hong Kong Special Administrative Region”), reflecting 100% shareholding at par value of HKD 1, totaling HKD 0.10 million or THB 0.47 million, in accordance with the resolution of the Extraordinary General Meeting No. 4/2016 on 15 December 2016 to operate renewable energy project development overseas, renewable energy project investment overseas, and related businesses. Solar Investment International Limited later changed its name to SAAM International Limited (“SAAM-INTER”). SAAM-INTER was established on 17 July 2015 with Mr. Podduang Kongkamee and Ms. Krittiya Honghiran each holding 1 share, and has SAAM Japan Energy GK (“SJE”),established in Japan in 2016 to operate renewable energy project development and related businesses, as direct subsidiary which SAAM-INTER holds 100% stake in.
- 10 August 2017 The Board of Directors' Meeting passed a resolution approving SJE's investment in 4 companies in Japan comprising Biomass Power One GK (“BMP-1”), Biomass Power Two GK (“BMP-2”), Biomass Power Three GK (“BMP-3”), and Biomass Power Four GK (“BMP-4”) from original shareholders, namely Mr. Podduang Kongkamee and Ms. Krittiya Honghiran, at initial investment value, whereby SJE holds stake in the aforementioned companies at the portions of 90%, 90%, 100%, and 100%, respectively. Following the investment, the Board of Directors' Meeting passed a resolution approving the set up of 4 additional subsidiaries in Japan under SJE comprising Biomass Power Five GK (“BMP-5”), Biomass Power Six GK (“BMP-6”), Biomass Power Seven GK (“BMP-7”), and Biomass Power Eight GK (“BMP-8”) whereby SJE holds stake in the aforementioned companies at the portions of 100%, 90%, 90%, and 100%, respectively, to operate biomass power project investment business in Japan. The remaining shareholding of 10% in the aforementioned companies belongs to a local partner who is not related and do not pose conflicts of interest with the Company and its subsidiaries' Board of Directors, management, and major shareholders.

Year 2018

4 August 2018 Extraordinary General Meeting No. 1/2018 passed a resolution approving the following key matters:
- Transformed from company limited to public company limited and changed company name to SAAM Development Public Company Limited
- Changed par value from THB 100 per share to THB 0.50 per share
- Increased registered capital by THB 40,000,000 from THB 110,000,000 to THB 150,000,000 through new issuance of 80,000,000 common shares with par value of THB 0.50 per share, to be allotted through Initial Public Offering (IPO)
- Listing of the Company's common shares on the Market for Alternative Investment

24 - 27 December 2018 The Company's common shares offered for investment to the public

Year 2019

7 January 2019 First trading day for the Company's shares on the Market for Alternative Investment
12 September 2019 The Company purchased 12,500 additional shares in SAAM Service Company Limited, reflecting 100% shareholding at par value of THB 100 per share, totaling THB 1.25 million, in accordance with the resolution of the Board of Directors' Meeting No. 3/2019 on 9 August 2019 for use as working capital and funds in exploring related business opportunities to renewable energy projects.
25 September 2019 The Central Administrative Court rendered a verdict dismissing the charges on legal filing whereby SAAM-SP2 charged relevant authorities for unlawful administrative action and requested compensation.
25 October 2019 SAAM-SP2 filed for appeal against the Central Administrative Court’s verdict before the Supreme Administrative Court. Such legal proceeding is currently being considered by the Supreme Administrative Court.
28 November 2019 The Company purchased 1,400,000 additional shares in SAAM International Limited, established in Hong Kong Special Administrative Region reflecting 100% shareholding at par value of HKD 1 per share, totaling HKD 1.40 million or THB 5.45 million, in accordance with the resolution of the Board of Directors' Meeting No. 4/2019 on 7 November 2019 for use as working capital and funds in renewable energy project development for sale overseas, renewable energy project investment overseas, and related businesses.

Year 2020

On 21st January 2020, SAAM Solar Power One Co., Ltd. has been certified for quality management standards ISO 9001:2015
On 18th August 2020, the Company received a full score of 100 in the 2020 Annual General Meeting of Shareholders Assessment from the Thai Investors Association
On 19th November 2020, the Company was assessed in the corporate governance survey of Thai listed companies for the year 2020 at an excellent level (5 stars) from the Thai Institute of Directors.

Year 2021

On 19th February 2021, the Board of Directors' meeting Resolved to approve the shareholding restructuring in subsidiaries within the Company group, whereby the Company purchased all investments in SAAM-JAPAN from SAAM-INTER resulted in the Company holding 100% investment in SAAM-JAPAN and SAAM-INTER acquired all investments in BMP-1, BMP-2, BMP-3, BMP-4, BMP-5, BMP-6, BMP-7 and BMP-8 from SAAM-JAPAN and local partners which are not a related person or persons who may have conflicts with the Board of Directors, executives and major shareholders of the Company Group, resulting in SAAM-INTER holds 100% of investments in these 8 companies. The share transfer registration was completed on 31st August 2021.
On 26th April 2021, the company was selected as the winner of the International Finance Awards for Fastest Growing Renewable Energy Project Development Company - Thailand 2021 by International Finance Magazine
On 4th June 2021, the Company was selected as the winner of The Global Economics Awards in the category of Fastest Growing Renewable Energy Project Developer - Thailand 2021 by The Global Economics.
On 7th September 2021, the Extraordinary General Meeting of Shareholders No. 1/2021 resolved to approve important matters as follows: - Changing the company name from SAAM Energy Development Public Company Limited to SAAM Development Company Limited to comply with all scopes of company Businesses, that are not limited only to energy related services but also covers other genres and industries as well - Issuance and allocation of Company warrant No.1 (“SAAM-W1”) in an amount not exceeding 30,000,000 units and warrant No.2 (“SAAM-W2”) in an amount not exceeding 30,000,000 units to existing shareholders of the Company, according to the shareholding proportion - Increasing the company registered capital of 30,000,000 baht from the original registered capital of 150,000,000 baht to the new registered capital of 180,000,000 baht by issuing 60,000,000 new ordinary shares with a par value of 0.50 baht per share to accommodate the exercise of rights under SAAM-W1 and SAAM-W2.

On 20th October 2021, SAAM-W1 and SAAM-W2 were issued and allocated to those who have had the right of possission.
On 26th October 2021, the Company was assessed in the Corporate Governance Report of Thai Listed Companies 2021 at an excellent level (5 stars) from the Thai Institute of Directors.
On 8th November 2021, the Board of Directors' meeting resolved to approve the change of the name of one subsidiary from SAAM Service Co., Ltd. to SAAM Solution Co., Ltd. in which such subsidiary held a Board of Directors meeting on 11th November 2021 and Extraordinary General Meeting of Shareholders on 1st December 2021 to approve the change of such name.

Year 2022

On 5th May 2022, the Company received 100 points out of 100 points in the 2022 Annual General Meeting of Shareholders Assessment from the Thai Investors Association.
On 17th June 2022, SAAM Solution Co., Ltd. acquired 8,000 additional ordinary shares of NANUQ Co., Ltd. at the price of 3,750 baht per share, totaling 30,000,000 baht, representing 40% from the total shares after the acquisition, according to the resolution of the Executive Committee Meeting No. 07/2022
On 26th October 2022, the Company has registered an additional paid-up share capital. From the paid-up share capital of 150,000,350 baht to 150,003,082.50 baht which divided into 300,006,165 shares with a par value of 0.50 baht per share, resulting from the exercise of the warrants to acquire the Company's additional ordinary shares, from the third notification exercise (Final) on 19th October 2022
On 27th October 2022, the Company was assessed in the Corporate Governance Project of Thai Listed Companies for the year 2022 at an excellent level (5 stars) from the Thai Institute of Directors.