Microsoft PowerPoint - KnightorMach_2017 White Knights or Machiavellians? Understanding the motivation for reverse takeovers in Singapore and Thailand Pantisa Pavabutr, Ph.D. SEC Working Paper Forum

Company recorded an operating revenue of THB 2,856mn, an increase of 34.2% from THB 2,129mn in 2018/19. The growth was mainly driven by 1) the full-year consolidation of the System Integration segment

services revenue of THB 1,127mn, and system integration and total solution services revenue of THB 620mn arising from the 5 months consolidation of Trans.Ad Group which was acquired in August 2018. 2018

Advertising revenue increased by 68.9% YoY to THB 415mn o System integration services revenue increased by 38.7% YoY to THB 333mn  Media operation in Malaysia reached its break-even of net profit for the first

the consolidation of PET in India and PTA in Indonesia. EBITDA contribution in this segment improved for the contracted businesses in the Western markets. In the Fibers segment, we benefitted from M&G

(Egypt and Brazil), and the consolidation of PET in India and PTA in Indonesia. EBITDA contribution in this segment improved for the contracted businesses in the Western markets. In the Fibers segment, we

3Q 2017. The revenue comprised of advertising services revenue of THB 262mn, and system integration and total solution services revenue of THB 211mn arising from the recently-acquired Trans.Ad

consolidation of the acquired hotel business in Europe. 2) Revenue from the office for rent business of Baht 38.6 million from office building in London, U.K. 3) Other revenue of Baht 82.5 million, which grew by

o Advertising revenue decreased by 5.5% to THB 261mn o System integration services revenue was recorded at THB 428mn • EBITDA increased by 22.2% to THB 109mn • Net profit from operation decreased by

, cost and expenses after the consolidation of Multi Sign Company Limited (“Multi Sign”) made in October 2016, which consequently led to an increase in the mentioned items compared to the same period last