, motorway routes, and airport development. The higher government spending, especially the Eastern Economic Corridor Development (EEC) project, is expected to upturn the business sentiment as well as encourage

future. Business wise H1 2019 was challenging particularly in the most recent quarter. Business sentiment in multiple industrial segments important to us has been impacted by the macro economy and the

since 2016, while the Indonesia market also began to generate early profit. Despite the positive sentiment in the oversea markets, the Company’s faced challenges from the sluggish performance in the

both SAP Business 1 and Oracle Netsuit for the more cloud savvy customers, we believe we will be well position to pick up businesses when the market sentiment improves. The recurring and non-recurring

2020/21, the Company sees a positive sentiment from the Prowtech’s operation due to a sign of recovery in Outdoor media demand. Therefore, MACO will initially invest 15.0% in VGI Vietnam from subscribing

resolution made on 22nd October 2019 approves residential property stimulus measures to support and ease the burden of those who wish to buy a home and to boost the domestic market sentiment. The transfer fee

moderated, while business and consumer sentiment worsened. As in Q2 also in Q3 the main lime consuming sectors of the industry were impacted by the macro economy. However, market feedback has given us

33.33% stake, started commercial operation of its 8.6 MW waste-to-energy power plant in 4Q2019. PERFORMANCE BY BUSINESS Total Revenue and Share of Profit/(Loss) of Utilities Business in 2019 was Baht

be blessed with opportunities and growth potential. This project is developed by the joint venture, in which CPN through subsidiaries holds a sixty-percent (60%) stake and I-R&D Sdn. Bhd. (“IRD”), an I

holds a sixty-percent (60%) stake and I-R&D Sdn. Bhd. (“IRD”), an I-Berhad wholly-owned subsidiary, holds a forty-percent (40%) stake. The investment was a RM 830 mn (or approximately THB 8,300 mn). This