issuing and offering the ordinary shares to the existing shareholders of the Company helps to increase financial liquidity and have sufficient capital to normally operate business, support the expansion of

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provided advanced financial support. (2) accrued corporate income tax decreased by THB 65.85 million (-84.28%) as the Company settled the 2021 corporate income tax in May 2022. Management Discussion

expectations in terms of social responsibility and environment.In view of this, the board of directors, as the governance body, should ensure that the company has in place a mechanism to govern decision-making

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, which helped support investors’ confidence. This is despite the fact that this factor, coupled with the stable policy rate, resulted in increased volatility in money and capital markets as well as foreign

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%. This increase was mainly due to staff cost of brand support increase in order to support the expansion of branch for both the restaurants which the company owns itself as well as franchise restaurants

1 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 11 November 2019 No. ZEN 2562-023 Subject Management Discussion and Analysis for