underwriter” means a securities company licensed to undertake securities business in the category of securities underwriting; (5) “executive” means a manager or an employee holding the position of department

securities company licensed to undertake securities business in the category of securities underwriting; (5) “executive” means a manager or an employee holding the position of department manager or higher who

main driver in increasing the cost-to-sales ratio from 53.1% to 64.4% in this year. VGM’s cost structure is higher than MACO’s domestic business due to higher expenses from concession in Transit and

asset to generate revenue and it is only a place to run a business, which the Company can change to other locations. Also, the Company’s main income-generating asset is personnel. The Company is currently

2017 continued to recover with exports and tourism as the main drivers. Exports grew by 12.5 percent from the same period last year across almost all products and markets, with the benefits now flowing

31 MARCH 2020 LH Financial Group Public Company Limited Management Discussion and Analysis for the First Quarter ended 31 March 2020 Page 2/22 Overview of Business Operation LH Financial Group Public

billion) of income, an 11.7 percent increase from 2016. The main driver of tourism income was spending by Chinese tourists. Meanwhile, global financial markets experienced occasional volatility amid

Day of the Newly-issued share 28 August EGM: Equity Offering 13 December GLOW delisting Delisting Tender Offer (DTO) 45 business days 25 September 28 November 8 November Debenture issuance of Baht

offer for GLOW’s remaining share of 4.75% at the offering price of 90.8136 Baht per share, in which the tender offer period will be of 45 business days from 25 September to 28 November 2019 and the

into this transaction is consistent with the strategic plan in the business operation of the Company, which emphasizes on investment expansion in line with the strategy aiming at growth alongside the PTT