Page 201 - Social Enterprise A New Business Paradigm for Thailand

Box 6.3 Dhamma Business Social Enterprise Co., Ltd.

In 2013, the founder of Dhamma Business Social Enterprise Co., Ltd. met with the president of
the Natural Agriculture Foundation and the founder of Phun Phan, a center for seed saving and
self-reliance. This encounter sparked the idea of combining the Natural Agriculture
Foundation’s knowledge of the “King’s Philosophy” with Phun Phan’s expertise in local wisdom
to help rice farmers improve their livelihoods sustainably. This vision led to the establishment
of Dhamma Business Social Enterprise.

At the outset, Dhamma Business Social Enterprise arranged for 100 farmers to train at the
Natural Agriculture Foundation’s Mab Euang Natural Agriculture Center in Ban Bueng District,
Chonburi Province, covering all expenses. The program focused on cultivating rice without
chemical fertilizers or pesticides. After four months, only 16 farmers remained committed to
natural farming, but this marked an important starting point for building a network that would
later expand.

In its first year, Dhamma Business Social Enterprise supported farmers in growing chemical-free
rice. In subsequent years, it encouraged them to cultivate homegrown vegetables, with surplus
produce sold through Dhamma. Signature products include San Pa Tong brown rice and
pesticide-free fruits and vegetables.

In 2016, Dhamma launched the “Natural Market” at Wat Phra Ram 9. When the COVID-19
pandemic hit in 2020, they adapted by creating a mobile “natural market on wheels,” similar
to a roving truck vendor. By late 2021, they opened “Yak Ga Jon,” a restaurant that uses
ingredients from their network, alongside a supermarket selling network products. The store
offers San Pa Tong brown rice, natural jasmine rice, local vegetables, papayas, bananas,
watermelons, free-range eggs, small-scale seafood from Chumphon Province, and processed
farm goods such as coconut oil, liquid soap, and dishwashing liquid. Currently, Yak Ga Jon has
four branches, with an ambition to expand the network to every district nationwide.

To finance its operations, Dhamma raised funds by selling shares to interested supporters, a
practice in place since its founding. In 2016, the Securities and Exchange Commission (SEC)
raised concerns that the share sales might violate the Securities and Exchange Act, B.E. 2535
(1992), and requested the company halt sales while pushing for a legal framework to support
social enterprises. After the enactment of the Social Enterprise Promotion Act, B.E. 2562, and
the Capital Market Supervisory Board’s issuance of regulations allowing social enterprises to
publicly offer shares, Dhamma resumed lawful share sales, aiming for 3 million shares at 101
baht each. As of now, the company has sold 1.8 million shares. However, since it is still operating
at a loss, it has been unable to pay dividends, leading to approximately 92 million baht in share
buyback requests from shareholders.

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