Investor Relations

The Company planned project sales management in the form of an Investor Program, piloted with the Lumpini Township Rangsit - Klong 1 project. This project is located in a prime area and offers a reasonable price, suitable for investment.
A continuous project in the form of an Investor Program under the brand EARN was developed for the first time. The project development was expanded into the EEC area in Chonburi province once again. This project has been designed with new functional spaces, incorporating insights from customers. In addition, there is a common area that meets the needs for relaxation and privacy, providing residents with the utmost living experience in this neighborhood.
The “Residences 168 Ratchaphruek” project was launched. It is the first luxurious single-house project under the ‘168’ brand. This project is a continuation of the success of our premium single-house development, “BAAN 365.”
The “LPN Moredinary Home Expo” sales event was organized. Attractive projects and units were selected to showcase at the Expo and promotions were offered exclusively at the event. Special activities were also arranged to portray the new brand image of LPN to a more diverse target audience.
It was a year of expanding awareness and creating new experiences for LPN, both with the existing target groups and expanding to new target audiences. Since LPN aimed to deliver a sense of ‘livability’ to all customers, the “Tid Tura Tee Baan (Staycation at Home)” brand communication campaign was originated. This campaign used real-life experiences from residents to create three advertisement films that reflect the essence of livability. The three films represented three different lifestyles: The Beloved Boss, The Beloved Friend, and The Beloved Partner. The tagline “Confessing that I am a homebody” served as a core message in this 360-degree communication approach with an aim to make the LPN brand easy to understand for general public.

In 2022, the Company has started the implementation of its 5-year roadmap plan (2022 – 2026), with an aim to boost the overall revenue to 50 billion THB by improving its management model and designing residential units that suit the lifestyle of customers at all level.
A new corporate logo has been developed to reflect operating concept and continuous development of LPN brand toward sustainable strength.
LPN has entered a new dimension which enabled the Company to truly achieve sustainable growth through the 5 transformations namely corporate transformation, management transformation, project development transformation, digital transformation and brand transformation.
The reconfiguration of internal project development management structure into several business units has been done to enhance corporate agility and to be in line with the plan to drive the Company forward in the future.
LPN strives to improve its brand awareness under the brand “168” to deliver good experience to targeted customers and to expand its customer base by putting customer needs at the center of all activities.
Under the new project development concept, three ‘168-brand’ condominium projects were launched, including 168 Pinklao, Ville 168 Bang Wa and the unique Park 168 Onnut 19.

Lumpini Property Management Company Limited (LPP), a community management subsidiary, has changed its name to “LPP Property Management Company Limited.” It has gone through business restructuring to create clarity in management and for the sake of future business expansion. LPN will perform the residential development business for both condominiums and homes, while LPP will mainly focus on real estate service business.
The development of Lumpini Tower Vibhavadi, a new office building on Vibhavadi Road, is completed and plays a part in social care by becoming a COVID-19 vaccination center for both Thai and foreign construction workers.
“Lumpini Town Ville Phahoyothin-Saphanmai” created a phenomenal sale by completing sales of the entire project which has 262 units within just 1 year and 10 months. This is a significant success for “Baan Lumpini” brand which is growing well against the tide of COVID-19 situation that still directly affects the business.

The Company responded and adapted rapidly in the wake of the COVID-19 crisis that affected the economy and lives of people in society. It urgently assessed the situation and reviewed its business plan and established strict measures and guidance in every dimension including business and the care of Lumpini Communities, employees and stakeholders. As a result, all related sectors have gone through difficult situations together in a stable manner and been ready for a sustainable growth.
Information systems and technology were developed to support the Work from Home measures such as a sign-in system, an online accounting system, online sales offices as well as a communication and customer service system such as Line Official Account: LPN Connect.
By adjusting its launch plan and sales strategy through the tele sale team, Lumpini Place Taopoon-Interchange project has successfully sold more than 300 units, accounting for 70% of the number of units available for reservation.
The Company generated incomes by boosting sales volume and managing inventory with financial and marketing tools such as the Investor Project, “Buy Condos with Tenants” Project, Staff Gets Member Project and online trading platform partnership.
Lumpini Property Management Company Limited (LPP) established LSS Solutions Security Guard Company Limited (LSS) as its subsidiary to cover and support comprehensive community services along with highlighting the strength of using security technology together with quality personnel.

TRIS Rating affirmed the company rating of our company at A-. It reflected the stability of the organization, its remarkable performances, the clarity of products and service groups, the ability to manage construction cost as well as the concise financial policy which brings about financial stability and adequate financial liquidity.
The Company jointly invested in the establishment of Dolsiri Development Co., Ltd. with Nye Estate Co, Ltd. to develop office buildings and retail stores for rent on the potential location on Rama 4 Road.

Prof. Siri Keiwalinsrit resigned from the position of Vice Chairman of the Board of Directors and Independent Director, effective on 1 February 2018.
Mr. Vudhiphol Suriyabhivadh resigned from the position of Chairman of Nomination, Remuneration and Good Corporate Governance Committee.
Mr. Tikhamporn Plengsrisuk resigned from the position of Chief Executive Director, Chief Executive Officer and a Nomination, Remuneration and Good Corporate Governance Committee Member.
Mr. Opas Sripayak is appointed as Chief Executive Officer, effective on 11 January 2018.
The resolution of the Board of Directors’ Meeting Ref. 1/2018 on 11 January 2018 is as follows:
- Mr. Krirk Vanikkul is to be appointed as a director, an Audit Committee Member, a Nomination, Remuneration and Good Corporate Governance Committee Member and an Independent Director.
- Mr. Vudhiphol Suriyabhivadh is to be appointed as Vice Chairman of the Board of Directors.
- Mr. Khantachai Vichakkhana is to be appointed as Chairman of the Nomination, Remuneration and Good Corporate Governance Committee.
- Mr. Opas Sripayak is to be appointed as a Nomination, Remuneration and Good Corporate Governance Committee Member and Chairman of the Risk Management Committee, effective on 1 February 2018
Mrs. Jongjit Thapanangkun and Mr. Charan Kesorn resigned from a position of director, effective on 1 May 2018.
The resolution of the Board of Directors Ref. 4/2018 on 10 May 2018 is as follows:
- Mr. Apichart Kasemkulsiri is to be appointed as a director and Chief Finance Officer (CFO).
- Mr. Surawut Sukcharoensin is to be appointed as a director and Chief Strategy Officer (CSO).
A new Executive Committee is to be appointed to replace the former one, comprising Mr. Opas Sripayak, Mr. Apichart Kasemkulsiri and Mr. Surawut Sukcharoensin with Mr. Opas Sripayak as the Chief Executive Director.
A new Risk Management Committee is to be appointed to replace the former one, comprising Mr. Opas Sripayak, Mr. Apichart Kasemkulsiri, Mr. Surawut Sukcharoensin, Mr. Charan Kesorn, Ms. Somsri Techakraisri, Mr. Ponn Virulrak, Ms. Suraswadee Suewaja and Mr. Prapansak Rakchaiwan with Mr. Opas Sripayak as the Chairman of the Risk Management Committee.
The Company issued two private placement debentures by the resolution of the Annual General Meeting of Shareholders 2018 at the combined amount of 980,000,000 THB (Nine Hundred and Eighty Million Baht Only).
Subsidiary companies have received ISO standards from Bureau Veritas Certification as follows:
- Lumpini Property Management Co., Ltd. receives ISO 9001:2015 Certification.
- Lumpini Project Management Service Co., Ltd. received ISO 9001:2015 Certification and ISO 14001:2015 Certification.
- LPC Social Enterprise Co., Ltd. (originally called Lumpini Property Service and Care Co., Ltd.) receives ISO 9001:2015 Certification.
The Board of Directors’ Meeting Ref. 8/2018 on 20 November 2018 resolves to approve the Treasury Stock Project. The objective of the share repurchase is for financial management. Maximum fund for the share repurchase is 400 million THB (Four Hundreds Million Baht Only). The amount of shares to be repurchased is 42 million shares with a par value of 1 THB per share, or 2.85% of all shares sold. The shares are to be repurchased via the Stock Exchange of Thailand from 4 December 2018 to 3 June 2019.
The Company develops premium residential condominiums under “Lumpini Selected” brand to serve the needs of middle to upper income group i.e. “Lumpini Selected Sutthisan-Saphan Khwai” which targets working-age women. The interior and exterior is redesigned. There are “New LPN Design” units where walk-in closets and bay windows are installed. Smart room technology allows the residents to control light switches from their mobile phone for more convenience and additional security.
The Company expands its business to “office condominium” comprising of office buildings and residential condominiums in the same area. The pilot project of this mixed-use development is “Lumpini Park Vibhavadi-Chatuchak” which receives good feedback and all units available for sale are 100% sold.
The Company generates recurring income from renting out Ready to Move projects i.e. “Lumpini Township Rangsit-Khlong 1” and “Lumpini Ville Ratchaphruek - Bang waek”. All amenities are included and healthy society is guaranteed. This is to accommodate the demand of customers who want to have a house but are not ready to buy one as well as investors’ demand.
The organization is rebranded to be consistent with the strategy to expand its project development to cover every target groups. From the brand standpoints, people are of paramount importance. Thus, the Company is building livable society, livable community and livable organization that are relevant to all stakeholders.
The Company uses the ISO 9001 and the ISO 14001 Quality Management System in its service business to increase the competitive capacity and create highest satisfaction for service receivers.

The Company issued three private placement debentures by the resolution of the Annual General Meeting of Shareholders 2010 at the combined amount of 1,000,000,000.- THB (One Billion Baht Only).
The Annual General Meeting of Shareholders 2017 on 30th March, 2017 resolved to amend Clause 3: Objectives of the Company in the Memorandum of Association. The objectives are increased from 46 to 54 objectives.
The Board of Directors’ Meeting Ref.5/2017 on 6th July, 2017 resolved to form a joint venture with Nye Estate Co., Ltd., Chewathai Public Co., Ltd., CH. Karnchang Realestate Co., Ltd. and other shareholders who are natural persons to establish Kamala Senior Living Co., Ltd. The objective is to develop and manage a home for the elderly locating at Kamala subdistrict, Katu district, Phuket. The investment amount of the Company is 375,000,000 THB (Three Hundred and Seventy Five Million Baht Only), accounting for 25% of all investment of 1,500,000,000 THB (One Billion and Five Hundred Million Baht Only).
The Board of Directors’ Meeting Ref.2/2017 on 9th February, 2017 resolved to approve the business restructure of Lumpini Project Management Service Co., Ltd., a subsidiary company, as well as the decrease of shareholding from 99.93% to 52%. There would be a new shareholder. The investment structure is changed as follows:
- Registered capital: 50,000,000 THB
- Par Value: 5.00 THB
Lumpini Property Management Co., Ltd., a subsidiary company in which the Company is holding 99.99% of share, increased the registered capital from 1,000,000 THB (One Million Baht Only) to 10,000,000 THB (Ten Million Baht Only).
The Year of Shift; The strategy was established in response to the economic deceleration and to create continuity in business operation. The business of the Company was categorized into two business groups, namely, real estate development business and service business in relation to real estate. The service was also provided not only to projects developed by the Company but also other organizations in order to showcase the capacity and professionalism of the Company to create value and sustainable growth.
The Company acquired Wisdom and Solution Co., Ltd. and changed the company’s name to Lumpini Wisdom and Solution Co., Ltd. The company would be responsible for product and service research and development for associated companies.
The Company developed residential condominiums to serve the needs of all target groups and rebranded the organization to be in accordance with the new strategy and target group.
Premium horizontal projects i.e. single house and townhome were developed under the brand “Baan 365” to serve the needs of the new group of customers who live in an extended family as well as the existing group of customers who were planning to extend their family.
The new brand, The Selected Kaset-Ngamwongwan by L.P.N., was developed as a niche product specifically for students of Kasetsart University. The feedback was so positive that the sale was closed within just two hours.
The Company jointly invested in the establishment of Kamala Senior Living Co., Ltd. with Nye Estate Co, Ltd., Chewathai Co., Ltd., and CH. Karnchang Realestate Co., Ltd. to develop premium senior lifestyle and living project in Phuket. The target group was retired foreign nationals.

The Company had issued the private placement debentures (PP) by a resolution of the General Meeting of Shareholders for the year 2010. Total 5 times at the amount of 750,000,000.-THB (Seven Hundred Fifty Million THB Only)
In the Board of Directors’ Meeting Ref. 1/2016 on 11th February 2016 had approved the resolution to appoint Mr. Khantachai Vichakkhana, the Director to be an Independent Director.
In the Board of Directors’ Meeting Ref. 3/2016 on 31st March 2016 had approved the resolution to appoint Mr. Khantachai Vichakkhana, the Director and Independent Director to be Member of the audit committee, effective from 1st May, 2016
Mr. Tawechai Chitasaranachai, the Director has resigned from the position of the Member of the audit committee, Member of the Nomination, Remuneration and Corporate Governance Committee, effective from 6th June, 2016.
Mr. Tawechai Chitasaranachai, the Director has resigned from the Board of Director, the Member of the Vice Chairman of the Board of Directors and the Member of an Independent Director, effective from 1st August, 2016.
“Vibrant Community” is developed into “Vibrant Community For All” strategy to respond to the changes in the Thai society. The product value is developed by embracing the universal design for the benefit of residents of all age groups. In terms of service value, activities are organized to enhance the good quality of life of the residents. The Company collaborates with the Health Office of Bangkok Metropolitan Administration and Thai Health Promotion Foundation in developing the standard in promoting well-being of the residents in “Lumpini” projects. More than one hundred communities are connected through health promotion activities. The capacity and skills in healthcare of Community Managers are also developed to support “Vibrant Community For All” concept.
In collaboration with Department of Alternative Energy Development and Efficiency, Ministry of Energy, the Company has designed condominium buildings to be energy efficient in accordance with the Building Energy Code (BEC). The three projects completed this year are Lumpini Park Phetkasem 98, Lumpini Ville On nut-Lat krabang and Lumpini Park Rama 9-Ratchada, all of which have passed the standard criteria and received a certificate of recognition.
LPN New Design condominium unit has been developed. The 35 square meter-two-bedroom unit is widely accepted and perfect for all lifestyles.
The Lumpini 24, the special project developed on the occasion of the 24th anniversary of the Company, is completed. The ownerships are being transferred. It is the first high-end project of the Company and is extremely successful in terms of sales volume.
Lumpini ParkBeach Cha-am, the first resort condominium on Cha-am beach, is handed over to the customers. In this “LPN Signature Green Project”, the services provided are of five-star quality and the buildings are designed to be environmentally friendly. Original trees of more than a hundred years old are preserved on the project site.

The Company had issued the private placement debentures (PP) by a resolution of the General Meeting of Shareholders for the year 2010. The debentures are unsubordinated and unsecured without a debenture holders’ representative and offered specifically to investors and/or institutional investors at the amount of 850,000,000.-THB (Eight Hundred Fifty Million THB Only) with the following details:
- First; Not exceeding 600,000,000 (Six Hundred Million) THB, Maturity on 2017.
- Second; Not exceeding 250,000,000 (Two Hundred and Fifty Million) THB, Maturity on 2018.
The concept of sustainable development and growth is strengthened with “6 GREEN LPN” strategy which showcases the responsibility towards the impacts on eight groups of stakeholders and ten processes of property development.
As a result of the commitment in environmental and social responsibility, the Company receives five awards for environmental and social responsibility as well as sustainability and good corporate governance of the Company.
The first home is handed over to the members of “vibrant Community” in Lumpini Township Rangsit- Khlong 1 Phase 1.

Mr. Thep Roongtanapirom resigned from the position of the director, Audit Committee member, Nomination, Remuneration and Good Corporate Governance Committee member and independent director, effective from 1 August 2014. The Board of Directors’ Meeting Ref. 4/2014 on 8 August 2014 resolved to appoint Mr. Kanchai Vijakkana to take up the position of the director and Nomination, Remuneration and Good Corporate Governance Committee member in place of Mr. Thep Roongtanapirom. His term of office would be the same as the remaining term of Mr. Thep Roongtanapirom, effective from 8 August 2014.
In the Board of Directors’ Meeting Ref.5/2014 on 12 November 2014, Mr. Pakorn Thavisin informed the Meeting that he wished to resign from the position of the director, Chairman of the Board of Directors and independent director, effective from 1 January 2015. Therefore, the Board of Directors’ Meeting Ref. 5/2014 resolved to appoint the director and subcommittee members effective from 1 January 2015 as follows:
- Mr. Pakorn Thavisin was appointed as the Honorary Chairman.
- Mr. Amornsuk Noparumpa was appointed as the Chairman of the Board of Directors.
- Mr. Vudhiphol Suriyabhivadh was appointed as the Chairman of the Audit Committee and Chairman of the Nomination, Remuneration and Good Corporate Governance Committee.
- Mr. Tawechai Chittasaranachai was appointed as the Audit Committee member.
In the Board of Directors’ Meeting Ref. 6/2014 on 11th December 2014 had approved the resolution to appoint Mr. Charan Kesorn to be the new Director which will be effective from 1st January 2015 onward and his term of the office will be the remaining term of Mr. Pakorn Thavisin.
The Company strives to be a “Value Organization” that gives importance to the sustainability in all aspects according to “6 GREEN LPN” concept.
The “model Community” concept is initiated to enhance sustainable “vibrant Community” under the culture of “togetherness, care and share”.
LPN Signature green Project is developed. The project design is environmental friendly. The first project developed under this concept is Lumpini Park Nawamin-Si Burapha.

Mrs. Yupa Techakraisri resigned from the position of the director of Grand Unity Development Co., Ltd. since the Company had withdrawn its shareholding from the company in 2012.
“Township” concept with more than 10,000 condominium units was initiated to respond to the needs to buy the first home. Lumpini Township Rangsit-Khlong 1 was developed on the land with the size of around 100 rai.
In collaboration with C.P. All Public Co., Ltd. and Siam Future Development Public Co., Ltd., the Company developed full convenient facilities in the projects.
The Lumpini 24 project on Sukhumvit road was developed to reach out to the customers in the higher income group.
The Company started using the Building Information Modeling system to develop the project design and construction management system.

In the Annual General Meeting of Shareholders 2012 on 29 March 2012, Mr. Tirachai Panchasarp, Director, informed the Meeting that he did not wish to continue his role as the Director of L.P.N. Development Public Co., Ltd. As a result, the number of the Directors of the Company was 13 persons since 29 March 2012.
The Board of Directors’ Meeting Ref. 6/2012 on 23 August 2012 resolved to establish the Corporate Environmental and Social Responsibility Committee and appoint Mr. Pichet Suppakijjanusan as the Chairman of the Committee.
The Board of Directors’ Meeting Ref. 9/2012 on 14 December 2012 resolved to change the “Nomination and Remuneration Committee” to become “Nomination, Remuneration and Good Corporate Governance Committee” effective from 14 December 2012. The membership of the Committee remained unchanged.
The Company withdrew from being the shareholders of Grand Unity Development Co., Ltd. by selling its ordinary shares to Univentures Public Co., Ltd.
It was the first year that Pornsanti Co., Ltd. had completed project development, namely, Lumpini Town Place Ratchayothin-Sena and Lumpini Town Residence Ladprao Station.
The Company gave importance to elderly people with the “Pleasure Family” concept in order for the “Vibrant Community” to be able to respond to the lifestyle of both working and elderly people.
The development of the organization towards sustainability was emphasized.
LPN Academy was founded to develop knowledge and provide trainings to staff.

The Company had separated the Cleaning Department from Lumpini Property Management Co., Ltd. in order to set up Lumpini Property Service and Care Co., Ltd. to provide cleaning services to create jobs, income and better quality of life for underprivileged women with the registered capital of 1,000,000 THB. The long-term goal of the company is to operate in the same manner as a social enterprise.
The Company increased the investment in Pornsanti Co., Ltd. from 195 million THB to 350 million THB.
The Board of Directors’ Meeting Ref. 6/2011 on 15 December 2011 established the policy of the Company to pay dividend to shareholders at the rate of no less than 50% of the net profit from the consolidated financial statement.
The Company expanded the project development to other provinces under “Lumpini Park Beach” brand.
In collaboration with TK Park, the Company developed and promoted learning in community via “Living Library” concept.

The Company started using the Accounting Standard No. 18: Revenue (revised 2009) and the revised Accounting Standard No. 19: Employee Benefits. Before such Accounting Standards were effective, they were already shown in the financial statements of 2010 and 2009. The use of the Accounting Standards did not affect the operation or the performance of the Company in any respect. There were 22 Accounting Standards which became effective on 1 January 2011 and two Accounting Standards effective on 1 January 2013.
The Company was assessed by the Thai Institute of Directors and was awarded Level 5 (Excellent) performance for two consecutive years.

According to the resolution of the Board of Directors to buy back the Company’s treasury stocks in 2008, the Company had purchased the total of 8,146,300 shares at the average price of 2.19 THB per share at the total amount of 17,840,397 THB and sold those shares between 3-11 December 2009 at the average price of 7.01 THB per share at the total amount of 57,103,415 THB. The Company earned a profit from treasury stocks at the total amount of 39,262,226 THB.
“From Corporate CSR to Community CSR” concept was initiated resulting in the establishment of many Lumpini clubs with the objective of running socially beneficial activities.
“Lumpini Park” brand was created. Suan Ruam Jai added value to the product.

As a result of the sub-prime crisis in the USA and the political situation in Thailand at the end of 2008, financial market in Thailand was affected. The Securities and Exchange Commission encouraged listed companies in the Stock Exchange of Thailand to buy back their own shares to ensure confidence among the investors. Therefore, the Board of Directors Meeting of L.P.N. Development Public Co., Ltd., Ref. 6/2008 which was held on 9 October 2008 had resolved to approve to buy back the Company’s shares as the share price in the market at the time was lower than the basic price. The budget of 200 million THB was prepared to buy back approximately 62 million shares equaling 4.20% of 1,475,698,768 shares. The purchase was restricted to the Stock Exchange of Thailand from 24 October 2008 to 23 April 2009.
The Company was awarded an honorary award from the Office of the Consumer Protection Board as a good business operator.
The projects were developed with “LPN Green” concept focusing on the responsibilities towards the environment and society.

The Company amended its joint-venture policy with Grand Unity Development Co., Ltd. by reducing its shareholding from 33.33% to 20% of the registered and paid up capital and set up Lumpini Project Management Service Co., Ltd. to provide construction management services to real estate projects.
Lumpini brand was communicated through “30 Happy Days” campaign. The happiness of the residents was reflected through more than 3,000 stories of door hanging.

The Annual General Meeting of Shareholders in 2006 which was held on 25 April 2006 resolved to approve the decrease of the registered capital from 1,486,706,550 THB to 1,475,698,768 THB by striking ordinary shares remaining from the reserve held for the conversion of warrants of 11,007,782 shares at the price of 1 THB per share and approved to amend Article 4 in the Memorandum of Association of the Company to reflect the capital decrease.
Lumpini Condotown brand was developed for the customers in the lower middle group.
All Lumpini brands were very well-received by the public. Tag issuing strategy which was an innovation in sales was initiated.

Prof. Mora Boonyapala, Chairman of the Board of Directors passed away on 30 July 2005. The Board of Directors’ Meeting Ref.4/2005 resolved to appoint Mr. Pakorn Thavisin as the Chairman of the Board of Directors of the Company, effective on 11 August 2005.
“Vibrant Community” strategy was initiated with the focus on the management of the quality of life of the residents.
Small Size Township concept was initiated as a concept for project development.

The Company was accepted as a leader in the property development business in the category of medium-end residential condominium as a result of the success of the development of residences especially city condo in the heart of the city at the price of around one million THB.
The Annual General Meeting of Shareholders in 2004 which was held on 7 April 2004 resolved to change the par value from 10 THB to 1 THB, increasing the number of shares of the Company from 121 to 1,210 million. The Meeting also approved to increase the registered capital of the Company by 276,706,550 shares at par value 1 THB, totaling the registered capital to be 1,486,706,550 THB which could be divided into 1,486,706,550 ordinary shares at par value of 1 THB.
The Company increased its shareholding in Grand Unity Development Co., Ltd. from 25% to 33.33%.
LPN Family Day activity was initiated to thank the customers and build good relationship with them.

The Company paid off the all the debts following the debt restructuring plan and became a company that was “free from debt but had valuable staff whom the Company maintained and built during the crisis to become the most valuable asset that carried on the true identity of LPN until nowadays.”
All the projects of city condo of the Company were highly successful. The Company also jointly invested with the business alliances to develop incomplete projects.
The Company approved to decrease the registered capital from 3,983 million THB to 460 million THB which was the decrease in the shares that had not yet been put for sale and later increased the registered capital by 750 million THB, totaling the registered capital to be 1,210 million THB and amended the Memorandum of Association of the Company accordingly.
The capital increase of 750 million THB was the issuance of 75 million ordinary shares which could be divided as follows:
- 27,600,000 shares for the original shareholders at the ratio of five original shares for three new shares;
- 29,900,000 shares for conversion of warrants to ordinary shares. The 29,900,000 warrants were divided into:
  - 27,600,000 warrants for the original shareholders who exercised their right to reserve the original shares for the capital increase at the ratio of one new share per one warrant.
  - 2,300,000 warrants for no more 35 directors and employees of the Company
- 17,500,000 shares for conversion of debt to capital for Krung Thai Bank Public Co., Ltd.
- The Company appointed United Advisory Service Co., Ltd. as the Company’s capital increase consultant.

The Company initiated the development of City Condo while other developers halted the development of new projects. The first project was Lumpini Place Sathorn which was well-received and became the model of the development of city condo for other developers.
In November 2001, the Company agreed to enter into a joint venture with Uni-Venture public Co., ltd., Sansiri Public Co., Ltd. and Yaowawong Co., Ltd. Grand Unity Development Co., Ltd. was set up to develop incomplete project which had been halted since 1997 due to the economic crisis. The said joint venture had restored and developed new project under the new name of “Lumpini Place Water Cliff” with Lumpini Property Management Co., Ltd. being responsible for managing the marketing, sale and construction work of the whole project as well as negotiating with the original buyers.
The core competency or “CLASSIC” was established.

On 26 July 1999, the Company had appointed Cathay Asset Management Co., Ltd. as the consultant for debt restructuring and increased the Company’s capital by jointly established a guideline for negotiation on debt restructuring with all creditors. The Company also planned to increase the registered capital of the Company.
The Board of Directors of L.P.N. Development Public Co., Ltd. had organized the Extraordinary General Meeting of Shareholders Ref. 1/1999 on 4 October 1999 at the Company’s meeting room to consider an increase of the Company’s capital from 460 million THB to 3,983 million THB by issuing 352,300,000 new ordinary shares, each of par value 10 THB, making up the total amount of 3,523 million THB.
The Board of Director’s Meeting on 15 November 1999 unanimously resolved to sell the investment in shares of N.T.N. Concrete Co., Ltd. at the price of 0.01 THB per share as a result of the economic downturn making N.T.N. Concrete Co., Ltd., which was in the construction materials business, operate at a loss and shareholders’ equity was negative. Also, N.T.N. Concrete Co., Ltd. was unable to support the operation of the Company.
The Company successfully restructured its debt with financial institutions in 1999 at the amount of 3,132,610,000 THB and the remaining overall debt of around 170 million THB was successfully restructured in February 2000, therefore, the Company was able to restructure its debt at the total amount of 3,305,930,000 THB.

The Company withdrew its investment from Elec & Eltek (Guangzhoou) Real Estate Development Ltd. due to delays in project development as well as the economic situation at the time which affected the liquidity of the Company. The withdrawal earned the Company around 3,390,000 THB profit from the exchange rate.

The Company suffered from the economic crisis and the affect from the currency exchange rate. There was a large amount of debts that the Company was unable to pay off. Therefore, the Company had to stop paying interests to financial institutions and adjust construction plans by only focusing on the construction of the project which was nearly complete. The plan was well-supported by the business alliances of the Company and all related parties.
The service operations of Lumpini Property Management Co., Ltd. were expanded due to the opportunities in the market arising from the economic downturn and in order to maintain its staff. The Company had developed various services to meet the market needs.
The organization was restructured and the capacity of human resources was strengthened in response to the economic situation at the time. Mr. Jamlong Ratanakulsereererngrit resigned from his position as Chairman of the Board of Directors because of health problems and Mr. Pong Sarasin resigned from his position as director due to other businesses engagement. The Board of Directors had thus invited Prof. Mora Boonyapala to take up the position of the Chairman of the Board of Directors in his place.

The Company jointly invested in N.T.N. Concrete Co., Ltd. which was a company engaged in construction materials business at the amount of 1,020,000 THB or 1,020,000 shares, accounting for 51% of the paid up capital or a par value of 10 THB per share.
The Company executed loan agreements for foreign capital with five leading banks from Singapore at the total amount of 20,000,000 SGD with a maturity date of three years at an interest rate of SIBOR + 1.20% for use in developing L.P.N. Sukhumvit Tower project.

The Company had registered to become a public company on 21 June 1994, registration No. BorMorJor 477. The Company was listed in the Stock Exchange of Thailand with the Securities named “LPN”. The Company issued 9.2 million ordinary shares to the public at 10 THB par value and offered the sale price of 64 THB per share. The Company had subsequently increased the capital to be 460,000,000 THB on 4 November 1994.
The Company jointly invested 12,720,000 THB, accounting for 10% of the paid up capital in Elec & Elteck (Guangzhou) Real Estate Development Ltd. which was a real estate developer in Hong Kong.

The Company increased the proportion of investment in Pornsanti Co., Ltd. to 99.99% of the paid up capital of 200,000,000 THB with 1,000 THB par value per share.

Lumpini Property Management Co., Ltd. was registered with a registered capital of 1,000,000 THB with the Company holding 99.88% of the shares with an aim to provide real estate management services, especially community management for condominium juristic persons of various projects developed by the Company and subsidiary companies as after sale service to create confidence in the good quality of life of customers who purchased the Company’s products. This was part of a policy to be different and strengthen the competitiveness of the Company.

The Company expanded the investment and developed the services provided by the Company and affiliated companies during the first phase of the operation. The Company invested 10 million THB in Pornsanti Co., Ltd., accounting for 20% of the paid up capital of 50 million THB to develop P.S.T. Condoville valuing 3,600 million THB.

The Company was established on 21 June1989 with a registered capital of 50 million THB and started by developing “Lumpini Tower” project, a 38-story high office building on Rama 4 Road which was the first of its kind and has also been the head office of the Company since.

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