election slated in November 2020. Even though tension over the US-China situation eased somewhat after Phase One of a trade deal was reached in mid-January 2020, the details of any further negotiations are

a holding company has investments in retail and financial businesses. During the second quarter, the company passed the coronavirus outbreak ("COVID-19"). Although the situation of the COVID- 19

management discussion and analysis for the 2nd quarter of 2020 and 6-month period ended 30 June 2020, as follows: The Group’s Operation under the Epidemic Situation of Coronavirus 2019 Due to the global

of the COVID-19 situation that affected the Company’s businesses. As a result of COVID-19 pandemic situation, the Company has strictly complied with the announcement from government sector limiting

the 16th of January 2020 onwards. March The Thai Government declared an Emergency Situation in all areas of the Kingdom of Thailand due to the outbreak of the COVID-19. Management outlook and future

for COVID-19. However, the epidemic of the virus was controlled in time by The Thai government, which has implemented a number of preventive measures to combat the situation, such as closing certain

situation that has been continuing to adversely affect sales performance of the Company. Export sales decreased by 44.5% due to customers in India, ASEAN, and America cut their orders considering lack of

to be reasonable in the present situation and compared to the carrying amount of assets related to the license. The Company recognized loss on impairment of investment in the warrants of Baht 83.61

last year, the main result from gain on sale of investment amount of THB 17.92 million. Although, the economic situation in the country remains weak, the Company keeps focus on new customers and new

assumptions are based on management of the subsidiary’s judgment and past experience and business plan, as well as the future prediction that is believed to be reasonable in the present situation and compared