Page 130 - TYCONS - ANNUAL REPORT 2022

Tycoons Worldwide Group (Thailand) Plc.

12.4 Details of changes in investments in associates

Fastbolt International Pte. Ltd.

On 5 September 2022, the Company’s Board of Directors Meeting passed a resolution
approving the acquisition of 4,557,000 newly issued ordinary shares of Fastbolt

International Pte. Ltd. in Singapore (49 percent of the issued and paid-up capital of this
company). On 14 September 2022, the Company made a full payment for the shares
amounting to EUR 4,557,000 ( Baht 167,901,150) and received the share transfer of

Fastbolt International Pte. Ltd.

TY Steel Company Limited

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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