Bangchak Thanks Majority of Shareholders for Supporting Governance Enhancement

With Over Two-Thirds Support but Below the Three-Quarter Approval Threshold Required by Law

Bangchak Corporation Public Company Limited thanks the majority of shareholders who supported the enhancement of corporate governance under Agenda Item 7 at the 2026 Annual General Meeting of Shareholders held on 10 April. The agenda proposed amendments to the Company’s Articles of Association to enhance corporate governance standards and align with applicable legal and international regulatory frameworks. While the proposal received more than two-thirds of the votes cast, it did not meet the three-quarter approval requirement required by law. The Company therefore considers it appropriate to provide further information on the rationale for the proposal, as well as related considerations, to ensure that shareholders and stakeholders are fully informed.

The proposed amendments were intended to address existing impacts, reduce the risk of further adverse developments, and support confidence among financial institutions, business partners, and stakeholders. The proposal was driven by developments involving a major shareholder currently subject to legal proceedings, which have had impacts on the Company in terms of business operations, confidence, and relationships with financial institutions and business partners, both domestically and internationally.

Following these developments, the Company has experienced impacts in its interactions with international financial institutions, including, in some cases, the suspension or modification of certain services, limitations on specific transactions, and reviews of credit facilities in certain areas, pending further clarity regarding the Company’s shareholder structure and the status of nominee directors in compliance with applicable laws and relevant standards. At the same time, in the capital markets, trading conditions relating to the Company’s securities have been adjusted, and the share price has experienced volatility during the period, reflecting evolving market assessments of risk and confidence. In addition, the Company’s ESG (Environmental, Social, and Governance) assessment has been affected, which may influence investor perception both domestically and internationally. These impacts may be interconnected and may extend across multiple dimensions, including financing, access to capital, relationships with international counterparties, and business opportunities, particularly in the energy sector where operations rely on cross-border transactions. Compliance with regulatory requirements and sound corporate governance therefore remain important conditions for conducting business.

Furthermore, the lack of clarity in relation to these matters may give rise to additional risks, including the possibility of being subject to monitoring measures or regulatory actions by foreign authorities. Should such circumstances arise, they could have implications for the Company’s operations, particularly in terms of access to international banking systems and the ability to conduct transactions involving foreign currencies.

The Annual General Meeting of Shareholders serves as a key corporate governance mechanism, providing shareholders with the opportunity to exercise their rights based on transparent and verifiable information, and to participate in decisions that shape the Company’s direction. The Company conducted the meeting in accordance with principles of transparency and fairness, and ensured that shareholders were able to fully exercise their rights.

The Company would like to thank shareholders who exercised their voting rights and supported Agenda Item 7, reflecting recognition of the importance of strengthening corporate governance and risk management.

While the agenda was not approved, the Company will continue to manage the related matters within the applicable legal and regulatory framework and in a manner that supports business continuity and the interests of shareholders and stakeholders.