between the Company and a new incorporated limited company, SUT Holding Company Limited (“SUTGH”), which shall be incorporated within 30 April 2018. SUTGH shall have three shareholders, which are

2017 from the increase of the new transferring project 9 projects (KnightsBridge Sky City Sapanmai, Notting Hill The Exclusive Charoenkrung, Pause Sukhumvit103, KnightsBridge The Ocean Sriracha

real estate development and service business. The Company has developed premium housing projects in central business area to open up new business opportunities. Moreover, the opportunity in rental real

and allocating not more than 149,975,200 new ordinary shares with a par value of Baht 1 per share by the General Mandate. The Company registered the decrease in its registered capital with the Ministry

million baht, or 107.5%, compared on the same period from last year. Which was in line with the increase of marketing expenses (PR, promotion, advertisement, etc.) from the existing projects and 11 new

collaboration brings new opportunities for clients who prefer a cloud-based ERP solution. Netsuite is the market leader in Cloud ERP and we believe this collaboration will enhance our market share in ERP business

condominium unit under the New Era Project of 90 rooms from 177 rooms, allowing the Company could recognize revenue and achieve the target profit. Management Discussion and Analysis (MD&A) for 2019 Page 3/5

. Moreover, in the “Year of Shift”, the target customers of the Company were changed from middle to lower- middle income earners to upper-middle to high income earners. New projects targeting the new group of

% and was mainly due to (1) the opening of new branches, (2) increased sales of raw material to franchisees and (3) increased sales of retail merchandise. Franchise fee income increased from THB 13.0 Mn

March 31, 2019 was 115.85mb, increasing by 9.51mb or 8.9% due to the booking of revenue received in advance for new projects. The amount will be recognized progressively as revenue when the project