under the law governing securities and exchange but excluding a securities company licensed to undertake securities business in the category of mutual fund management; (c) other financial institution

” means a property fund established according to the Notification of the Office of the Securities and Exchange Commision concerning Rules, Conditions and Procedures for Establishment and Management of

Bangchak Corporation Plc. Management Discussion & Analysis of Business Operation For Quarter 1/2020 11 - Refinery & Trading 16 - Marketing 19 - Power Plant 21 - Bio-based Products 23 - Natural

authorized director and management. As such, The Investment Disposal Transaction is considered as the connected transaction pursuant to Connected Transaction Notifications with the highest transaction value MB

AVIATION FUEL SERVICES PCL. BAM: BANGKOK COMMERCIAL ASSET MANAGEMENT PUBLIC COMPANY LIMITED BANPU: BANPU PUBLIC COMPANY LIMITED BAY: BANK OF AYUDHYA PUBLIC COMPANY LIMITED BBGI: BBGI PUBLIC COMPANY LIMITED

372.36 20.73 35.11 Loss from impairment of investment in associate 107.78 783.85 65.33 110.64 Management benefit expenses 18.68 135.86 24.06 40.75 Financial cost 0.69 5.02 0.41 0.69 Share of losses in

development, study into value-accretive merger and acquisition (M&A) opportunities, as well as apply efficient cost management to its businesses. Furthermore, CPN is currently considering asset transfers into

trust’s features and management; (a) “[name of the trust] is a trust under the Trust for Transactions in Capital Market Act B.E. 2550 (2007) created by this instrument and shall become valid when the

relevant Notification Capital Markey Supervisory Board and the appointment of the additional director shall become effective only on the condition that the Company has already allocated the newly issued

accordance with the methods and conditions specified by the Company. The Company shall then transfer the asset to the highest bidder, under the condition that the price of each asset, regardless of any