exceeding THB 3 216,000,000 which will be funded for construction of building and various types of houses in the property development project of Leyland (Vacharaphol Project) for sale in the future. 3.2

footprint and leverage the financial and commercial skills of IVL to create shareholder value. The transaction is funded by IVL’s internal cash flows and debt financing only and does not necessitate any

passed a resolution to approve an investment in real estate project relating to hotels and resorts by a subsidiary to be established by the Company under the laws of Singapore, with 100 percent of its

UE, which ws funded by a capital increase via issuance of preferred shares last quarter. The majority of assets acquired by EBT of UE was the BTS- Sansiri JV (Sansiri JV)  Net debt to equity ratio as

% or THB 13,902mn from 31 December 2017, mostly from the EBT of UE, which was funded by a capital increase via issuance of preferred shares in the first quarter  Net debt to equity ratio as of 31

the 9-month period ended 30 September 2019 30 September 2018 Change Millions of THB % Millions of THB % Millions of THB % Revenue from sale of real estate 1,003.47 91.27% 1,501.95 96.98% (498.48) (33.19

the EBT of UE, which was funded by a capital increase via issuance of preferred shares in the first quarter  Net debt to equity ratio as of 30 September 2018 stood at 0.53x, an improvement from 0.93x

accordance with the resolution of the Board of Directors’ Meeting No. 3/2018, held on 26 February 2018, approving an investment in real estate project relating to hotels and resorts which is considered as an

10.79 NTA 203.85 Net profit 2019 Consolidated (16.76) Net profit 2019 Company (17.20) Criteria used in the calculation of transaction value 1. NTA = Not used because the acquired asset is real estate 2

working capital in business operation, sourcing raw materials, and increase Company’s production capacity. The interest rate of this loan can be divided into 3 categories as follow; 1. Funded portion at 12