branches in order to reach more consumers, but the expansion will be slower and more conservative to align with various uncertain factors such as the economic environment and consumer demand. Instead, the

will be more flexible than the case that the Company has production plants on separate lands. The above future project is still uncertain and, in the event that the Company has acquired the assets, it

weaker to previously average level. Amongst uncertain situation in many countries, Thailand’s post-election government was formed in June. That was a positive factor to promote the country’s stability in

. The project was well received by our customers as the Company expected. However, it came to the Company that quantifying size of economic slowdown from COVID-19 at this stage will be highly uncertain

quarter but may be restrained by vulnerable and highly uncertain household income as well as elevated household debt. These factors are causing customers to be cautious on spending. Moreover, the tourism

situation in Thailand has shown recovery sign and economic activities began to resume, outlook for 2H20 remains uncertain. Potential rise in unemployment, slowdown in export from sluggish global economy and

to 63.6% (prior year: 58.2%). In view of the steady expansion of VGI as a whole, selling, general and administrative expenses (“SG&A”) increased by 25.2% YoY or THB 65mn from THB 257mn to THB 322mn

instrument and the Trust for Transactions in the Capital Market Act B.E. 2550 (2007) to protect the rights and interest of the unitholders as a whole; (3) in case there is any subsequent change to the rules

duties with integrity and prudence for the best interest of the unit holders as a whole and in accordance with the trust instrument, related laws and the commitment additionally given in the documents

may cause an adverse effect to the credibility of the Thai capital market as a whole; (4) the offering of securities may cause any damage or an unfair treatment to the investors as a whole, or the