of Bio-Based products such as Ethanol and Biodiesel. BCP will hold a 60% share in the newly formed company and KSL will have 40% ownership. 10 | Management Discussion and Analysis of Business Operation

7.4% and 11.3%, respectively, decreasing by 4% due a drop in net operating profit resulting from realization of ICUK’s financial performance with ownership increased to 84.3%( since January 2018) from

legal ownership of the hotel was successfully transferred on 19 April 2018. 16 March 2018: The Company completed (i) the private placement of 63,882.4mn preferred shares at an offering price of THB 0.034

cause of business by the Buyer as well as the lifetime ownership of the franchise rights of Kitchen Plus and Baan Krua Thai Restaurants will beneficial to the Company and its shareholders, and also serves

ownership of the water treatment plant and other assets used in the business of WOG ITR. At present, such agreement remains 24 years which corresponds to the core business operation of the Company both in the

purchase agreement with the Company. And the Company will complete the transfer of ownership of the shares within September 2019. Enclosure 3.2 Calculation of transaction value The calculation under the

business acquisition after making an additional investment to increase ownership from 40% to 100% in order to support growth potential, increase flexibility and increase the overall beverage production

million Baht or 37.27% of Property, plant and equipment decreased amount of 451.16 million Baht or 69.52% Because the ownership of the land and buildings has been transferred In order to pay the debt of the

channel remains unclear as there are remaining inventory of completed houses ready for ownership transfer. According to such direction, it has been assessed that sales in the first half of 2020 will slow

ownership percentage 140 140 71 72 140 105 105 Estimated installed steam capacity 30 tons per hour Benefits from BOI Certificate Rights for exemption of corporate income tax for the net profits from