Company History

B.C.

1987

  • Vichitbhan Palmoil Public Company Limited was established by the Chavananand family and incorporated as a registered company on March 25, 1987 to operate the production and distribution business of crude palm oil in Chumphon province. Inspired by the interest in the palm oil industry, considered as one of the most successful businesses that can strongly maintain a sustainable growth based on the basic needs for consumption and utilization regardless of the upward or downward trends of the national economy or the increase in consumption trend, population size and demand for alternative fuel, the company has realized the significance and potential growth of a valuable economic crop generally grown in the south of Thailand known as oil palm.

B.C.

1990

  • In February, Vichitbhan Palmoil Company Limited raised its registered capital to 65 million baht by issuing new shares valued at 15 million baht and used the increasing profit received from the new shares as an additional working capital in operating the business.
  • In February, Vichitbhan Plantation Company Limited raised its registered capital to 100 million baht by issuing new shares valued at 50 million baht and used the increasing profit received from the new shares as an additional working capital in operating the business.

B.C.

1991

  • Vichitbhan Palmoil Company Limited started its commercial operations for its crude palm oil factory, with the capacity of 20 tons per hour.

B.C.

1994

  • In November, Vichitbhan Palmoil Company Limited increased its registered capital to 80 million baht by issuing new shares valued at 15 million baht and used the increasing profit received from the new shares in expanding the production capacity of its crude palm oil factory.
  • In November of the same year, Vichitbhan Plantation Company Limited raised its registered capital to 120 million baht by issuing new shares valued at 20 million baht and used the increasing profit received from the new shares as an additional working capital in operating the business.

B.C.

1996

  • In July, Vichitbhan Plantation Company Limited raised its registered capital to 170 million baht by issuing new shares valued at 50 million baht and used the increasing profit received from the new shares as an additional working capital in operating the business.

B.C.

2002

  • Vichitbhan Palmoil Company Limited began its commercial operations for its crude palm oil factory, with the capacity of 40 tons per hour, with its affiliates producing a total capacity of 60 tons per hour.

B.C.

2007

  • Vichitbhan Plantation Company Limited started its commercial operations for its crude palm oil factory, with the capacity of 60 tons per hour, with its affiliates producing a total capacity of 120 tons per hour.

B.C.

2008

  • VG Energy Company Limited was established on June 16, 2008 with a registered capital of 1 million baht to operate the business of renewable energy from recyclable waste provided by a palm oil factory.
  • In September, Vichitbhan Palmoil Company Limited raised its registered capital to 200 million baht by issuing new shares valued at 120 million baht and used the increasing profit received from the new shares in expanding the production capacity of its crude palm oil factory.
  • VG Energy Company Limited had successfully made a power purchase agreement with the Provincial Electricity Authority (PEA) on December 18, 2008.

B.C.

2009

  • In April, VG Energy Company Limited raised its registered capital to 138 million baht by issuing new shares worth 137 million baht aiming to contribute to an investment in the biomass power plant.

B.C.

2010

  • In December of the year, VG Energy Company Limited raised its registered capital to 180 million baht by issuing new shares valued at 42 million baht aiming to contribute to an investment in the biomass power plant.

B.C.

2011

  • Vichitbhan Plantation Company Limited was certified with ISO 9001:2008.
  • Vichitbhan Palmoil Company Limited started commercial operations for its crude palm oil factory, with the capacity of 60 tons per hour, with its affiliates producing a total capacity of 180 tons per hour.

B.C.

2012

  • On August 6, 2012, Vichitbhan Logistics Company Limited was established with a registered capital of 3 million baht to facilitate the transport business of palm products and other related items in the similar business line.

B.C.

2013

  • In December, VG Energy Company Limited had raised its registered capital to 470 million baht by issuing new shares valued at 290 million baht as part of the strategy to generate business capital restructuring for the company.
  • In December 2013, Vichitbhan Palmoil Company Limited purchased 70.60 percent of shares from Vichitbhan Plantation Company Limited as part of the strategy to raise its share holdings from 29.40 percent to 100 percent while holding another 100 percent in Vichitbhan Logistics Company Limited to maximize the management efficiency of its affiliates as the two companies were exposed to the same groups of Board of Directors and shareholders.

B.C.

2014

  • Vichitbhan Palmoil Company Limited was officially incorporated as a public company on February 28, 2014 and was renamed as Vichitbhan Palmoil Public Company Limited. The company firstly introduced the sale of shares to the public and had them listed on the Stock Exchange of Thailand.
  • In April, the company had raised its registered capital of 870 million baht and reduced its share value to remain at 1 baht per share. Consequently, the company's total registered capital was increased to 1,070 million baht, providing 1,070 ordinary shares worth 1 baht per share.

B.C.

2015

  • The Annual General Meeting of Shareholders of 2015 held on April 20, 2015 resolved to approve reduction of registered capital from the former registered capital of Baht 1,070,000,000 to a new registered capital of Baht 940,000,000 by removing unissued ordinary shares amounting to 130,000,000 shares at par value of Baht 1.00 per share, with a total of Baht 130,000,000. The registration was made to the Public Companies Registrar, Department of Business Development, Minister of Commerce on April 28, 2015.
  • License granting for use of National Reserved Forest from the Royal Forestry Department for a purpose of concession at Hong Charoen Sub-district, Tha Sae District, Chumphon Province of Vichitbhan Plantation Company Limited, with the land area of 19,835 Rai, 3 Ngan, and 75 Square Wah and Vichitbhan Palmoil Public Company Limited, with the land area of 9,334 Rai and 75 Square Wah expired on February 11, 2015 and October 17, 2015, respectively. Application for re-approval of such license was being processed.

B.C.

2016

  • The Company and its subsidiaries filed a lawsuit to Central Administrative Court regarding a delay in approval of a license to use the land for concession together with a request for an injunction to protect the Company and its subsidiaries during the consideration of such lawsuit. On June 28, 2016, the Court granted the injunction to the Company and its subsidiaries to maintain and collect palm fruits in the concession area of 7,109 Rai, 2 Ngan and 39 Square Wah and 16,256 Rai, 2 Ngan and 34 Square Wah, respectively.
  • The Company increased capital, as a working capital, in Vichitbhan Logistics Company Limited, a subsidiary company in the amount of Baht 5,000,000 on December 23, 2016.

B.C.

2017

  • On November 1, 2017, the Company received a letter from the Royal Forestry Department requesting the Company to pay for damages which were royalties and forest maintenance fees (From May 24, 2010, to October 17, 2015), in the amount of Baht 152,878,343.58. The Companys legal advisor gave a legal opinion that according to the Lease Agreement and others agreements made between the parties, the Company was bound to pay the fee for use of National Reserve Forest annually by means of rental payment only. In addition, from provisions of the Agreement and relevant laws, the Company was not obliged to pay any royalties and forest maintenance fees as stipulated in the afore said letter. Thus, the Company refused to pay such damages on November 28, 2017.
  • On November 20, 2017, Mr. Phisanu Chavananand resigned from being the Chairman of the Board. Such resignation was effective on November 30, 2017.
  • The Board of Directors Meeting resolved to appoint Mr. Bandhoon Supakavanich to replace Mr. Phisanu Chavananand, as the Chairman of the Board. Such appointment was effective on December 13, 2017, onwards.