an increase in total revenue of 81% YoY. These were mainly from a (one-time) recognition of an upfront 50-year lease payment of a certain office space at Singha Complex and higher contribution from

purchase the Company’ s ordinary shares No. 3 ( the “U-W3 Warrants” ) at no cost, totaling Baht 2,172 million; and (b) accepting the assignment of all of UE’s loan owed to BTSG, together with interest

since 2018. As at 31 March 2020, the Group has backlog for construction service in oil and gas sector totaling of 2,286.09 Million Baht. 3. Service income from Testing and Inspection service increased

Company Limited (“the Company”), are pleased to provide you our management discussion and analysis for the period ended 30 September 2024 of the Company and the subsidiaries (“the Group”) as follow

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 8 August 2019 No. ZEN 2562-021 Subject Management Discussion and Analysis for 2nd

of 30 September 2019, the Group had a current ratio of 1.26, increased from 0.32 at end of 2018. This improvement was mainly due to a repayment of all short-term borrowing from financial institutions

increased by 17.63 percent. (5) Debt Obligation The Corporate Group has policy to mitigate risk from interest fluctuation by taking long-term loan with fixed interest rate. Accordingly, as at June 30, 2019

of Hero Experience, at the price per share of up to Baht 149.018 and total purchase price of up to Baht 10,000,000 The subscription of the newly issued shares and the acquisition of shares at the price

is less than or equal to USD 50.00 million, the Company will purchase 25.10% of SGAH’s equity at the amount of USD 50.00 million. Appendix 1 4 Shareholding Structure of SGAH Group before the

Group”). The total investment of USD 100.00 million consists of (1) newly issued ordinary shares in SGAH in the amount of 2,510 shares at the par value of USD 1, representing 25.10% of all registered and