Management Discussion and Analysis 1. Significant events in the third Quarter of 2019 1.1 The progress in construction projects 1.1.1 Project completion - SBPL Project, a project of San Buenaventura Power Ltd
Concession Arrangements’. As a result, the Group’s management recognized revenue from construction under a concession arrangement in accordance with percentage of completion of the fair value of assets. The
revenue from construction under a concession arrangement in accordance with percentage of completion of the fair value of assets. The Group’s management also recognized cost of construction under a
invest in assets of the infrastructure business that is a greenfield project, a step-by-step operation plan, 4 starting from construction to completion of the construction, as well as the management and
risks. In this regard, such risks include completion risks (if any). Clause 24 The REIT manager shall arrange unit holders’ meeting in accordance with the trust instrument. 7 Clause 25 When there is a
. 2 MB, representing an increase of 23. 8% because at the end of the year 2022, the revenue was recognized base on the completion of project, which has been operated according to progress but has not
percent. The transaction is classified as a Class 2 Transaction according to Notifications on Acquisition or Disposal that is transaction value equal or greater than 15 percent but less than 50 percent
client [or group of clients ] over the interest of another client [or another group of clients ] in the manner of unfair treatment, although both clients [or both groups of clients ] are classified in the
. 2546 (2003) and the Notification of the Securities and Exchange Commission Re: Determination of Additional Determination of Types of Juristic Person Classified as Institutional Investor ; (3) derivatives