capital increase from Initial Public Offering would result in the marked decrease in Debt-to-Equity ratio and financial costs going forward. Management’s Discussion and Analysis S Hotels and Resorts Public

information memorandum regarding the acquisition of the company's assets as specified in account 2 in accordance with the Notification of the Capital Market Subsidiary Board No.Torchor20/2551 Re: Rules on

of the Capital Market Supervisory Board No. TorChor. 20/2551 (2008) Re: Rule on Entering into Material Transactions Deemed as Acquisition or Disposal of Asset dated 31 August 2008 (as amended) and the

new share of CCPH. As a result of the Transaction, the Company and Kinpo Group shall hold the shares in CCPH at 19.19% and 80.81% of the total issued shares (after the increase of capital) respectively

shareholding in KT Medical Service Company Limited (“KTMS”) (a subsidiary which the Company holding 70.0%) by increasing the registered capital in the amount of Baht 15,431,700, from Baht 40,000,000 to Baht

ended September 30, 2018. Such financial statements comprise of the consolidated financial statements and the separate financial statements as compared with the financial statements for the same period in

regard, the Transaction constitutes an acquisition of assets pursuant to the Notification of the Capital Market Supervisory Board No. TorChor. 20/2551 Re: Rules on Entering into Material Transactions

Company. The Granting of Loan Transaction is classified as a Class 5 Connected Transaction, i.e., an offer of financial assistance, pursuant to the Notification of the Capital Market Supervisory Board No

way affect the plan for use of the working capital for business operations because the Company still continues to have positive cash flows, i.e., referring the Company’s nine-month consolidated

a whole shall be consolidated under CCPH’s account as a whole in aiming to waive unnecessary tax concerns in Philippines as per inquiry from the Philippines authorities. 2. The Board of Directors