holds a sixty-percent (60%) stake and I-R&D Sdn. Bhd. (“IRD”), an I-Berhad wholly-owned subsidiary, holds a forty-percent (40%) stake. The investment was a RM 830 mn (or approximately THB 8,300 mn). This

to the Company’s existing shareholders to mitigate an impact on those shareholders after the Company’s stake in CAZ is reduced. The transaction is considered the disposition of assets in accordance

shares of Co-Mass Company Limited (“COMASS”) with total investment of THB 160mn, thereby increasing MACO’s stake in COMASS to 100.0%. As a result, MACO fully controls COMASS, allowing us to utilise

Limited, the Company’s direct subsidiary, holds 40 percent stake), the operator of a small power producer in Nava Nakorn Industrial Promotion Zone, invested in an expansion for an addition of 60 megawatts

company of WHAUP group with 33.33% stake, started commercial operation of its 8.6 MW waste-to-energy power plant in 4Q2019. PERFORMANCE BY BUSINESS Total Revenue and Share of Profit/(Loss) of Utilities

production volume decreased, which resulted in a higher breakeven point as well as an increase in the unit production cost. In addition, the marked appreciation of the THB caused the gross profit to decrease

capital increase from Initial Public Offering would result in the marked decrease in Debt-to-Equity ratio and financial costs going forward. Management’s Discussion and Analysis S Hotels and Resorts Public

. The Client’s derivatives contract with such position will be marked to market by its derivative agent at least at the end of business day to reflect a daily gain or loss from the Client’s position

Power Business performance in a form of (i) Share of Profit and (ii) 4 Dividend Income. Share of Profit is a net profit in proportion of our equity stake (%). Such Share of Profit is net of all relevant

to capital increase in joint ventures proportionately. 3. Increase in investment available-for-sale of THB 946.4 mm, mainly from reinvestment in WHART to maintain 15% stake and increase in market