On 6 October 2025, Chememan Public Company Limited (“CMAN”) signed a Conditional Shares Subscription Agreement (“CSSA”) and a Shareholders’ Agreement (“SHA”) with PT Citatah Tbk (“CTTH”), a publicly listed company on the Indonesia Stock Exchange, and its founder, Mr. Taufik Johannes, to acquire a 60% stake in PT Bukit Bunea (“BB”), a subsidiary of CTTH, by purchasing newly issued shares for USD 10.5 million, or approximately THB 336 million. This strategic investment is subject to various conditions precedent that must be satisfied before the investment can be completed and is expected to close by the second quarter of 2026.

The Agreements were signed at CMAN’s offices by Mr. Taufik Johannes (2^nd from right), President Director of CTTH, Ms. Tiffany Johanes (right), President Director of BB, and M.L. Chandchutha Chandratat (2^nd from left), Chairman, and Mr. Adisak Lowjun (left), Chief Executive Officer, of CMAN.

BB has secured a long-term high-quality limestone mining concession in Sulawesi, Indonesia that covers 141 acres, or 353 rai. CTTH’s current main business is in the quarrying and manufacturing of marble and has more than 33 years of working experience in Sulawesi. Under this strategic partnership, CMAN and CTTH have agreed a medium-term plan to develop a large-scale mine and a major facility of up to 500,000 tons of annual lime production capacity, with the first phase covering 200,000 tons of annual lime production capacity. The total estimated investment for the first phase only will be USD 25-30 million, as the total estimated investment for the 500,000 tons of annual production capacity will likely exceed USD 60 million.

This strategic partnership represents the first in a series of significant moves by CMAN to further expand its market footprint over the next few years. Indonesia is a significant and growing market for lime products. It currently has more than 3 million tons of annual demand, of which close to 1 million tons is imported. The unique combination of a high-quality limestone concession, highly competitive coal costs, Sulawesi’s location, and world-class production technologies creates a long-term competitive advantage to penetrate local and international markets. In addition, this investment is squarely in line with the Indonesian Government’s policy to strengthen its downstream mining industries to reduce the country’s dependence on imports.

"CMAN has always focused on the development of a robust, high quality, and diversified network of lime supply to serve its increasingly wide range of customers in the Asia Pacific region. We are very excited to produce and sell lime products in Indonesia, which will be our fifth country of operations after Thailand, Australia, Vietnam, and India. We sincerely thank CTTH and the Johannes family for their professionalism and commitment during our discussions and look forward to a successful and profitable future together. This is just the first chapter of what should be a great story for all of us.”, Mr. Adisak noted.