operating cost by adding value to their products and expanding selling channels instead. With anticipate the Thai economy to grow by 3.8 percent in 2017, revised upward from the previous forecast and higher

Mr.Subbhalerk Na Songkla, Mr.Inthidej Polin, and Miss Nittaya Phudhiwat together as a concert party (“SUTGH shareholders”) which will hold 132,000 shares in SUTG or equal to 100 percent of the total issued and

; (b) an individual or a company holding majority shares of such person, which means: 1. an individual or a company holding shares of such person in the number of exceeding fifty percent of the total

company holding majority shares of such person, which means: 1. an individual or a company holding shares of such person in the number of exceeding fifty percent of the total paid-up shares with voting

/Companies HPC Hongsa Power Company Limited, an indirect joint venture in proportion of 40 percent NRER Nexif Ratch Energy Rayong Company Limited, an indirect joint venture wholly-owned by NERS NRES NEXIF

Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

, 2018, which was passed to approve the acquisition of 75 percent of shares in VGI Global Media (Malaysia) Sdn. Bhd. (“VGM”), at the purchase price totaling of THB 360,000,000, from VGI Global Media Public

”) in the amount of 132,000 shares with a par value of THB 100 per share or representing 66 percent of all shares of SUTG to Mr. Suparuek Na Songkhla (“Mr. Suparuek”), Mr. Inthidej Pala-in and Miss

KB subscribe all newly issued shares totaling 55,631,431 shares After the completion of the capital increase, the Company will hold 45.09 percent of total issued and outstanding shares of the

percent of the total shares of NEXT, from the Seller. The Company shall pay for the share acquisition upon a condition that the payment amount is varied according to the calculation from the earnings before