SET requests to clarify news or information


Subject                                  : Clarification of the financial 
statements for the year 2024 requested by SET
Description                              :
As per the letter No. BJC 30/2568 dated March 17, 2025, from the Stock Exchange 
of Thailand ("SET") to Thai Parcel Co., Ltd. (Public) ("the Company") regarding
the financial statements for the year 2024, which the Company submitted to SET,
the auditor raised concerns regarding the Company. Therefore, to ensure that
investors are provided with sufficient important information to make informed
decisions when investing in the Company's securities, SET requests the Company
to clarify the information and publish it through the SET system by March 24,
2025. Regarding the opinion of the Company's Board of Directors, the Company is
requested to clarify it by March 31, 2025, as follows:

The progress and investment plans in the logistics center business, reasons for 
canceling the land purchase, progress in tracking the deposit and actions on the
collateral, the timeline for completion, as well as the details of the land
location and the relationship between the land seller and the Company's group
(e.g., shareholders, directors, and executives).

The progress and investment plans in the new business, which currently include 
the Company's investment in Walton Co., Ltd. (e.g., construction of factories,
commercial revenue, and expected returns).

The opinion of the Board of Directors regarding: (1) the reasonableness of the 
deposit payment in terms of the rate and conditions for the collateral, as well
as the consideration of the seller's ability to perform under the contract as of
the approval date of the transaction; (2) the impact on future IPO fund usage
plans, business expansion, and progress of further investments in new
businesses; (3) measures to manage the use of IPO funds to prevent potential
damage.

Therefore, the Company would like to clarify each of the following points:

Progress and Investment Plans in the Logistics Center Business, Reasons for 
Cancelling the Land Purchase, Progress in Tracking the Deposit and Actions on
the Collateral, Timeline for Completion, Land Location, and the Relationship of
the Land Seller with the Company's Group (e.g., Shareholders, Directors, and
Executives):

The Company would like to inform you that the Company is still in the process of
studying investment plans in the logistics center business, including the
purchase of land and the construction of logistics centers and/or service points
and/or factories, or other related buildings for investment in new businesses.
The Company plans to use up to 190 million Baht of the funds raised from the
Initial Public Offering (IPO), which represents approximately 48% of the IPO
funds within 2025. The Company has conducted feasibility studies on potential
land to develop into a logistics center.

After completing the study, it was found that the value of the land the Company 
was interested in and had deposited, as raised by the auditor in the 2024
financial statements, significantly differed from the Company's original
estimate. Therefore, the Company decided to cancel the project and is currently
in the process of finding a new piece of land with suitable potential, location,
and price for future investment in a logistics center and/or service point
and/or factory.

The reason for canceling the land purchase, as raised by the auditor, is that 
before the Company signed the Memorandum of Understanding (MOU) on July 10,
2024, to study the feasibility of investing in the logistics and Fulfillment
Center on this land, the seller had assigned Sasipak Co., Ltd. ("SASI"), an
asset appraiser approved by the Securities and Exchange Commission ("SEC"), to
appraise the value of the land. The total area consists of seven plots, with a
total area of 45-0-63.6 rai, located in Gateway City Industrial Estate,
Huasamrong Sub-district, Plangyaw District, Chachoengsao Province. The seller is
a shareholder holding 2.03% of the Company's shares (as of the XM date on
August 28, 2024), but is not related to the Company's executives or directors.

SASI appraised the land value at 270,954,000 Baht in the asset appraisal report 
dated May 16, 2024, which was the preliminary purchase price that the seller
proposed and agreed with the Company under the MOU. The Company entered into the
MOU with the seller quickly as the seller indicated that there were several
interested investors, and a deposit was required by July 2024; otherwise, the
seller would negotiate with others. However, after the Company signed the MOU
and paid the deposit, the Company had an additional appraisal by Grand Asset
Advisory Co., Ltd. ("GAA"), another SEC-approved asset appraiser, which
appraised the land's value at 153,540,000 Baht on December 24, 2024. This
appraisal value was significantly lower than SASI's, leading the Board of
Directors meeting No. 1/2025 held on January 2, 2025, to cancel the land
purchase and investment in the land.

As a result, the Company notified the seller on January 3, 2025, of the decision
to cancel the purchase. However, when the Company attempted to cash the deposit
refund check on February 5, 2025, the bank refused payment. Subsequently, the
Company sent a demand letter on February 17, 2025, requesting the seller to
refund the deposit with interest. The seller did not settle within the given
period, and the Company proposed hiring a lawyer to pursue legal action to
recover the deposit. The Company expects the lawyer to take legal action by
April 2025.

Progress and Investment Plans in the New Business, Specifically the Investment 
in Walton Co., Ltd. (e.g., Construction of Factories, Commercial Revenue, and
Expected Returns):

The Company would like to clarify that the investment in Walton Co., Ltd. is 
part of its new business investment. The Company has invested 45 million Baht,
which is part of the IPO funds totaling no more than 105 million Baht,
representing 27% of the IPO funds. The Company still has 60 million Baht
available for new business investments and is currently studying the feasibility
of other new business investments. It is expected that the remaining funds will
 be fully invested by 2025.

The Company will carefully assess the viability of new business investments, 
considering factors such as internal rate of return (IRR) of at least 7% per
year, financial costs, and investment risks. The Company will also comply with
the approval procedures and criteria for asset acquisitions and disclose
information as required by the SEC and/or SET.

The investment in Walton Co., Ltd. was approved by the Extraordinary 
Shareholders' Meeting No. 1/2024, which authorized changes to the use of the IPO
funds. This ensures the funds are managed effectively and contribute to the
Company's sustainable growth. The Company believes that the investment in new
businesses will enhance the Company's competitiveness, and the electric vehicle
industry, which is growing rapidly globally, will significantly impact the
automotive sector in Thailand.

As of the date of this letter, Walton Co., Ltd. has completed its factory 
construction in Chonburi and received ISO certifications for production
management of battery controllers and related environmental, safety, and health
standards. The factory is in the process of testing machinery and production
processes, with commercial operations expected to start in Q2, producing
products for electric vehicles and related electronic devices. The Company
expects an internal rate of return (IRR) of approximately 24.2% from the 45
million Baht investment within six years.


                         Signature ___________________________
                                    ( Chaipipat Kaewtrirat )
                                    Chief Executive Officer
                         Authorized to sign on behalf of the company

______________________________________________________________________

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of the information and related documents of listed company or issuer to the
Stock Exchange of Thailand only.  The Stock Exchange of Thailand has   no
responsibility for the correctness and completeness of any statements, figures,
reports or opinions contained in this announcement, and has no liability for any
losses and damages in any cases.  In case you have any inquiries or
clarification regarding this announcement, please directly contact listed
company or issuer who made this announcement.

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