Thai Lanna Food and Cultural Center Co.Ltd. agreed to acquire 99.9% stake in C.E.I. (Chiangmai) Co., Ltd and ACC Green Energy Company Limited from Advanced Connection Corporation Public Company Limited (SET:ACC) for THB 550 million on February 22, 2021. Thai Lanna Food and Cultural Center Co.Ltd. signed an agreement to acquire C.E.I. (Chiangmai) Co., Ltd and ACC Green Energy Company Limited from Advanced Connection Corporation Public Company Limited on September 22, 2021. Under the terms of transaction, ACC will sell 19.999 million shares in C.E.I. Chiangmai for total price not less than THB 427 million and 0.999 million shares in ACC Green Energy for total price not less than THB 123 million in cash. As per article on February 22, 2022, Board of Directors of Advance Connection Corporation approved to extend the payment period of the purchase of assets of CEI and ACC Green to March 15, 2022. Thai Lanna pays THB 20 million to ACC prior to the meeting of the board of directors for approval of the transaction. ACC shall transfer its ownership in ordinary shares of C.E.I. (Chiangmai) Co., Ltd and ACC Green Energy Company within June 2021 after receiving approval from the shareholders' meeting. Thai Lanna will pay the price for the ordinary shares totaling THB 530 million (deducted advance payment) full payment in cash. ACC will transfer its right to claim the debt borrowed by C.E.I. (Chiangmai) Co., Ltd and ACC Green Energy Company Limited to Thai Lanna Food and Cultural Center. ACC and Thai Lanna with them agree to proceed dispute resolution and withdraw all lawsuits against each other. Thitisak Skul-kru and Angkul Pimpakorn will retain 3 shares in C.E.I. (Chiangmai) Co., Ltd and ACC Green Energy Company Limited. As of July 14, 2021, due to the epidemic situation of the Covid-19 virus the payment period for all the sale of investments in the Advance Connection Corporation Public Company Limited's ordinary shares. C.E.I.(Chiang Mai) Co., Ltd. and ACC Green Energy Co., Ltd. to Thai Lanna Food and Cultural Center Co., Ltd has been extended from the original payment due date on July 15, 2021 to prior September 30, 2021. As of January 14, 2022, board of directors of Advanced Connection Corporation Public Company Limited approved to extend the payment period to January 31, 2022.

As of December 31, 2020, C.E.I. Chiangmai Co., Ltd reported total assets of THB 364.27 million, shareholder equity of THB 66.21 million, revenue of THB 19.6 million and net loss of THB 47.88 million. As of December 31, 2020, ACC Green Energy reported total assets of THB 55.61 million, shareholder equity of (THB 105.5 million), revenue of THB 0.003 million and net loss of THB 11.33 million. Acquisition is subject to customary closing conditions, including ACC shareholders approval, ACC and Thai Lanna enter into the sale and purchase agreement, ACC and the counterparties have proceed dispute resolution and withdraw all lawsuits against each other, and CEI's assets—land and buildings—which are pledged as collateral for the ACC debentures are released from mortgaged. Board of Directors of ACC approved the deal. As of April 12, 2021 cash received from the transaction amounting to THB 550 million, Thai Lanna Food and Cultural Center Co.Ltd. will spend approximately THB 171 million to repay its debentures and promissory notes due in June 2021. THB 320 million approximately will be invested in asset management business and remaining amount will be used as working capital and Thai Lanna Food and Cultural Center Co.Ltd. may invest in its subsidiaries or other businesses having acceptable level of returns and risk. Transaction is expected to close within June 2021 after the approval from shareholders on April 29, 2021. Silom Advisory Co., Ltd acted as financial advisor to provide opinion on sale to ACC.