Page 120 - One Report Thai Final_ENG_2021

Tycoons Worldwide Group (Thailand) Plc.

11.1 On 2 September 2021, the Board of Directors’ meeting of the Company passed a resolution
approving the acquisition of shares in K D B Company Limited (“K D B”), which is

engaged in investments in real estate projects. The Company purchased 1,635 ordinary
shares of K D B (representing 44.97 percent of its issued and paid-up share capital of that
company). The Company made a payment of Baht 54 million on 7 September 2021 (the
acquisition date) and already received the shares transferred.

In addition, the Company received 1 share transferred from a director of K D B to attend
the Extraordinary General Meeting of Shareholders on an agenda of the capital increase of

K D B. As a result, the Company had 1,636 ordinary shares in K D B (representing 44.99
percent of its issued and paid-up share capital of that company).

The book values of assets acquired and liabilities of K D B as at the acquisition date are
summarised below:

(Unit: Thousand Baht)
Cash and cash equivalents 54,062
Investment properties 27,560

Other payable (150)
Short-term loan from related person (29,220)
Net assets of the subsidiary 52,252

Non-controlling interests of the subsidiary (55.01 percent) (28,744)
Net assets of the subsidiary attributable to the Company’s
interest (44.99 percent) 23,508

Cash paid for purchase of the subsidiary (53,955)
Additional payments to acquire assets (30,447)
Cash paid for purchase of the subsidiary 53,955

Less: Cash and cash equivalents of the subsidiary (54,062)
Net cash received from purchase of the subsidiary (107)

The Company had determined whether the acquisition of K D B was in accordance with
the requirements of Thai Financial Reporting Standard No.3 Business Combinations and
concluded that this acquisition should be accounted for as an asset acquisition.

Since the Company and the Company’s directors are major shareholders and have the

ability to direct significant activities, such company is deemed to be a subsidiary of the
Company and has to be included in the consolidated financial statements from the date on
which the Company assumed control.

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