Page 55 - CRC_One Report 2021_EN

Business Overview and Performance Corporate Governance Financial Statements Enclosure

1.1.3 History and Major Development

In 1947, the Central Group began as a small family shop run by Mr. Tiang Chirathivat in the city of Bangkok.
In 1956, his son, Mr. Samrit Chirathivat, expanded the general merchandise business with the establishment of
the first Central Department Store in Bangkok’s Wang Burapha district. Both father and son, the Central Group’s
founders, were fully engaged in running the business, and were also helped by other family members. The era was
one of bustling trade and growth, and the visionary Mr. Tiang and Mr. Samrit quickly established businesses that
were characterized by many “firsts” in Thailand: the first to import international cosmetic brands; the first to focus
on customer services, the first to introduce a fixed price tag, the first to utilize barcodes for payment and the first
to institute a loyalty program among Thai retailers.

Under the stewardship of the Chirathivat family, the Central Group has grown to become one of Thailand’s most
recognizable brands and among the most successful retail conglomerates in Southeast Asia. The Chirathivat
family’s vision for the retail business has been passed on from generation to generation. Our expansion into the
omnichannel arena has helped to drive our growth and strengthen our leadership positions across multiple retail
categories.

On 29 August 2019, the Extraordinary General Meeting of Shareholders No. 2/2019 approved (i) the conversion
of Central Retail Corporation Limited into a public company and (ii) the capital increase of THB 1,620 million,
increasing our registered capital to THB 6,320 million from THB 4,700 million by way of the issuance and offering
of 1,620,000,000 newly issued ordinary shares with a par value of THB 1.00 each to accommodate the Combined
Offering.

On 20 February 2020, Central Retail, the country’s retail industry leader in both domestic and overseas markets,
celebrated its first day of trading and raised THB 78,124 million (including shares offered to the shareholders of
‘ROBINS’ who accepted the tender offer and over-allotment of greenshoe option) with total market capital at IPO
price of THB 253,302 million (excluding over-allotments).

Annual Report 2021 (Form 56-1 One-Report) 55