. (a subsidiary of Khon Kaen Sugar Industry Plc.) was completed on the 31st of October, 2017; the company holds 60% of share in BBGI Co., Ltd.; the amalgamated company. 5 | Management Discussion and

total, is scheduled for completion by 2022.SEC Secretary-General Ruenvadee Suwanmongkol announced that by the end of 2020, SEC had completed 15 projects under the regulatory guillotine scheme, covering

formulation optimization. During the year, the Company has utilized IPO proceeds to invest as planned. The new glass factory (SGA2) has completed in Q3’19 and started commercial operations in Oct’19. This

afterward. The capital increase from Initial Public Offering would result in the marked decrease in Debt- to-Equity ratio and financial costs going forward. On November 14, 2019, the Company entered into the

substitution by Automation. Substitution. For production costs, it was as value as last year, due to businesses made forward contracts with material source, and imported raw material and goods were lower value

the project has progressed 99.84% (The construction plan was 100%). Consequently, the project was completed and its operation started on July 20, 2017. - Banpong Utilities Company Limited, (EGCO holds a

(“MACO”) will be completed in 3Q 2018/19. This restructuring enables VGI to focus on building the most robust offline-to-online or online-to-offline (“O2O”) ecosystem in Thailand and designates MACO as the

8 6. Forward Looking As in the first nine months of 2018, the Company's sales from the current business dropped quicker and much further than expected. In addition, the Company’s costs increased

service when the situation permits. The Office business has also been slightly affected from COVID-19, while the projects under development continue to move forward. The Company has confidence that this

sentiment with 1.3% growth YoY, driven by C-Vitt (+249.3% YoY). New beverage production capacity completed earlier than planned, which enabled us to serve unmet C-Vitt demand and continue driving category