Page 122 - One Report Thai Final_ENG_2021

Tycoons Worldwide Group (Thailand) Plc.

12.2 Share of loss

During the years, the Company has recognised its share of loss from investment in
associate in the consolidated and financial statement in which equity method is applied as
follows:

(Unit: Thousand Baht)

Consolidated/Financial statement in which equity method is
applied
Company’s name Share of loss from investment in associate during the year
2021 2020
TY Steel Company Limited (87,873) (257,656)
Total (87,873) (257,656)

12.3 Details of changes in investments in associates

On 16 June 2021, the Extraordinary General Meeting of Shareholders of TY Steel Co.,
Ltd. (associated company) passed a resolution approving the following matters:

a) A decrease in share capital from Baht 2,590,000,000 (259,000,000 ordinary shares
with a par value of Baht 10 per share) to Baht 647,500,000 (64,750,000 ordinary
shares with a par value of Baht 10 per share). The Company reduced its capital in a
greater ratio than that of Ton Shun Industry Co., Ltd. (The parent company of the

associated company). As a result, the Company’s shareholding percentage in this
associate decreased from 30.84 percent to 28.20 percent.

b) An increase in share capital from Baht 647,500,000 (64,750,000 ordinary shares with
a par value of Baht 10 per share) to Baht 947,500,000 (94,750,000 ordinary shares
with a par value of Baht 10 per share) by issuing capital increase in ordinary shares

Baht 300,000,000 (30,000,000 new ordinary shares with a par value of Baht 10 per
share). The parent company of the associated company shall subscribe all the newly
issued shares only. The capital increase resulted in the Company’s shareholding
percentage in this associate decreasing from 28.20 percent to 19.27 percent. As a result,

the Company lost significant influence on associated company, a status was changed
from "associated company" to "related company", and the classification of investment
in TY Steel Co., Ltd. was changed from “Investment in associate” to “Equity
investments designated at fair value through other comprehensive income”

The associate registered the capital decrease and increase, as mentioned above, with the

Ministry of Commerce on 29 October 2021 and 24 November 2021, respectively.

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