, travelling expenses and professional fees. In 2018, the increase in administrative expenses are mainly due to (1) increase in employee and management expenses from new hires supporting business expansion of

expansion into business factoring loans, the Company has continuously grown in term of factoring loan. The credit approval is increasing and no non-performing loans due to the strict criteria of customer

of continuous expansion of Thailand’s economy. This is mainly driven by export sector, which enables to be well expanded including with gradual recovery of domestic economy significantly driven from

days in advance. The company had expenses related to new recruits for new three branches and one branch expansion in the first half of 2017. In contrast, the Company opened only two branches of Maygori

property to reserve for its expansion projects regarding the committed growth and sustained profitable on such investment to all shareholders as per attached information memorandum regarding the connected

holds shares in TSE. 8. Expected benefits Disposal sales of the assets will return a cash proceeds of 925.11 million baht, which will be used as business expansion, partial loan repayment and working

estate expansion which is the Company’s main business in the long term. The approximate leasing fee and the leasing charge of Rachaphatsadu Land throughout the term of the agreement are totally Baht

to increased sales of delivery (3) increased cost of branch staff, rental and utilities from branch expansion and (4) issuing discount promotions to draw traffic and create brand awareness. 4 Zen

will fully focus on international expansion across the ASEAN market. This will enable MACO to leverage PlanB’s platform, contents, and secure minimum guarantee. Moreover, the integration efforts between

higher employee benefits together with the increase in the number of staff to serve the business expansion.  The finance costs during 2019 was THB 986.4 mm, which decreased by 16.4%, compared to the same