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Date/Time
21 May 2019 17:17:00
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Clarification of news or information requested by SET(Revised)
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AQ
Source
AQ
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                SET requests to clarify news or information


Subject                                  : Clarification of news or information 
requested by SET
Description (Update)                     :
-Translation-

SET.011/2019
                                   25 April 2019

Subject:  Clarification information of letter No. Bor.Jor.120/2019 dated 4 April
 2019 (Revised)
To:         Directors and the Manager
             The Stock Exchange of Thailand
Refer to: The letter No. Bor.Jor.120/2562 dated 4 April 2019
                 The Stock Exchange of Thailand had the letter No. 120/2019 
dated 4 April 2019 requesting the company to clarify information about the
annual audited financial statement 2018 from certified public accountant to the
Stock Exchange of Thailand with qualified opinion especially the adequacy issues
of allowance for doubtful account investment in bills of exchange (B/E) and
loans of 1,067 and 447 million baht including fair value assessment of leasehold
rights for Koh Larn, Chonburi as well as the important items are other
long-term investments 900 million baht The inquiry details of the stock exchange
 are as follows.
1.    Adequacy of allowance for doubtful account investment in bills of exchange 
(B/E) and loans
The company increased its capital to private placement of 3,632 million baht, 
which is intended to be used to repay debts according to the judgment of Supreme
Court's Criminal Division for Persons Holding Political Positions to Krung Thai
Bank However, such damage payment is still in the process of land auction. The
company use some money approximately 1,600 million baht to invest in B/E of
Planet Energy Holding Pte. Ltd. (Planet) and provide short-term loans to Krung
Thai Development Company Limited (Krung Thai Land). The Board of Directors has
provided the policy to prevent risks, including monitoring operational
performance that invest and provide short-term loans closely as well as to find
ways of negotiating collateral and/or additional guarantees. The details are
according to referred letter No. 2 and outstanding summary of value as follows.
Description    Start Transaction Date    Outstanding Value (Million Baht)    Due Date
        As of 31December 2018    As of 28 February2019    
Investment in B/E of Planet    30 November 2017    1,067    1,067    30 June 2019
Short-term loans to Krung Thai Land    17 July 2017 1/    447    4122/    30 April 2019
Total        1,514    1,479    
1/ Start investing in type of B/E, change to loan on 30 June 2018 2/ Received 
debt payment of 35 million baht
    However, the report of auditors indicates that such transaction continues to 
change due dates The company had not yet received the financial report in 2017
and 2018 of Planet For Krung Thai Bank, the company received financial
statements in 2017 with shareholders' equity of 218 million baht but show the
information that Krung Thai Land has temporarily stopped construction due to
adjusted construction drawing and such construction assets are pledged as loan
guarantees.
    The Stock Exchange of Thailand would like to clarify additional information as 
follows:
1.1.    In the opinion of Board of Directors on the adequacy appropriateness of not
reserve allowance for such doubtful accounts. The company has no current
financial position of Planet and temporary stop of construction for Krung Thai
Land.
Answer    The Board of Directors considers the following information
1.1.1.    Planet has evaluated the property of authorized control person and 
ultimate shareholder for PEH consists of the valued ordinary shares of Meta
Corporation Plc. (META), value of Green Earth Power (Thailand) (GEP) ordinary
shares and cash received from GEP sale of common shares such as ECF Power and
Scan Inter Plc (SCN)
In the valuation of META ordinary shares, the analysis is based on the market 
capitalization as of 18 February 2019 and the holding proportion of PEH at 6.72%
of all shares sold of META. Therefore, the value of META ordinary share which
the authorized control person and ultimate shareholder hold at 6,72% of all
shares sold will be the value of 175.36 million baht.
In the valuation of GEP ordinary shares, the analysis is based on the fair value
evaluation report of GEP and prepared by approved financial advisor from office
of SEC. as of February 2019 which is evaluated with caution according to
reasonable assumptions and using net present value method of cash flow that the
analytical department considers appropriate. Thus, the value of GEP ordinary
shares of authorized control person and ultimate shareholder holding at 38% of
all shares sold will be valued at 1,308.99 million baht.
In addition, the authorized control person and ultimate shareholder of PEH has 
received from sales GEP ordinary shares to ECF-Power and SCN equal to 608.71
million baht which returned to invest in the development of GEP solar power
plant project. Therefore, the authorized control person and ultimate shareholder
of PEH has the total asset value of 2,093.06 million baht and concluded that
the asset value of authorized control person and ultimate shareholder of PEH
holdings are worth more than sufficient to repay short-term debt securities or
bills of exchange (BE) issued by PEH with equals 1,067 million baht1 and
accounted for approximately 1.96 times the value of short-term debt securities
or bills of exchange (BE). As a result of GEP (PEH holds 18% of shares) has
often changed the company structure, the analysis department therefore considers
that investors in such short-term debt securities may be gradually partial
repayment.
The Board of Director does not reserve the allowance for doubtful accounts in 
Planet Energy Holding Company Limited (PEH) due to the board is opinion that
ultimate shareholder of Planet Energy Holding Company Limited has the potential
to repay debts and the interest has always been paid to AQ.


1.1.2.    Krung Thai Land
The total assets value in accounting of company current situation is 1,265.59 
million baht which adjusted book value, according to the property valuation
report prepared by Siam City Appraisal Company Limited as at 2 November 2017 and
conducted land and improvement assessment of "Portrait Condominium Rama 4
Project", which is the company project. The total of company assets after
accounting adjustment are 1,434.84 million baht when deducted from the company
total liabilities, totalling 1,047.74 million baht. The value of shareholders'
equity after the accounting adjustment is 387.11 million baht.
Nevertheless, the group of 4 Krung Thai Land shareholders are famous person in 
the political and real estate development business. Such group of company
shareholders are holding ordinary shares in various proportion of 4 other
companies such as:
1)    Triple P Assets Company Limited
2)    Chao Phaya Insurance Public Company Limited
3)    Krung Thai Tractor Company Limited
4)    Reuziti (Thailand) Company Limited
When considering such proportionate shareholding in above 4 companies, the group
of Krung Thai Land shareholders holding assets in other companies valued at
1,481.01 million baht and paid-up authorized capital of 517.14 million baht.
However, the value of Krung Thai Land shareholders' equity is equal to 387.11 
million baht, including reputation and assets value in 4 other companies that
group of Krung Thai Land shareholders is holding in the amount of 1,481.01
million baht and show such group of Krung Thai Land shareholders has potential
to repay the loan agreement worth 412 million baht  by selling company assets
both Krung Thai Land and other companies more than the value of loan agreements
if demand and to repay debts to the company (Attachment 2).
The Board of Director does not reserve the allowance for doubtful accounts in 
Krung Thai Land Development Company Limited due to the board is opinion that
ultimate shareholders have the potential to repay debts and the Krung Thai Land
has always paid interest to AQ, therefore, no allowance for doubtful has been
reserved.
1.2.    Progress to obtain the information on current financial position of Planet,
full reserve allowance consideration for doubtful accounts with explanations of
 potential impacts on the financial position and operating results of company.
Answer For the analysis information of management department regarding Planet 
Company and Krung Thai Land, the Board of Directors is also confidence that both
companies will be able to repay debts as recalled by company according to
analysis document (Attachment1), as for the Krung Thai Company to repay both
principal and interest within April 2019 according to the resolution of Board of
Directors No. 5/2019 dated 25 April 2019, has approved the extension of loan
term amounting to 412 million baht to date 30 June 2019, the Company earned
interest on 14 May 2019. In the event of impact on financial position and
operating results of company if Planet and Krung Thai Land is unable to pay. the
 following impacts will be as follows.
Shareholderes equity as at 31 December 2018        3,668     million baht
Reserve allowance for doubtful accounts            1,479    million baht
Balance of shareholderes equity                2,189    million baht
For progress to obtain the financial statement information of Planet, the 
company has followed up request for financial statement of Planet and will
disclose immediately when such financial statements have been received. However,
the Board of Director considers that no additional allowance for doubtful
accounts is recorded as reason 1.1.1.
1.3.    Specify the person responsible in charge of risk prevention according to 
the Board of Directors stated above including identify the operational result
that according to the policy or not.
Answer     Risk Management Committees consist of:
1)    Mr. Somchai Meesen resigned on 21 June 2018.
2)    Mr. Vuttiphong Issaramalal resigned on 6 September 2018.
3)    Dr. Saranya Sanghiran resigned 25 June 2018.
The current Risk Management Committee consists of:
1)    Mr. Prapat Yokhan appointed on 27 September 2018
2)    Mr A Satjadew appointed on 27 September 2018
3)    Dr. Ranchana Rajatanavin appointed on 27 September 2018
The company policy to invest in bills of exchange and loans made by the 
management to follow up the performance in each company closely and analyse of
invested company status and always to report the Board of Directors. The
management is able to get some money back when company wants to use money. Both
companies have the potential to be returned money by the company needs and no
default in the interest.
The Board of Directors has assigned the current Risk Management Committee to 
consider this matter. The Risk Management Committee has contacted both debtors
to make refund plan of required company to use funds for the period of 2019 and
requests additional collateral. Currently still in the process of making plans,
the company has not yet received the refund plan and more detailed information
on the collateral.
2.    Fair valuation of leasehold rights to Koh Larn, Chonburi
In 2013, the subsidiary company has the right to lease land 81 rai on Koh Larn, 
Chonburi and the remaining lease period of 27 years. The project development
plan was interrupted in 2017 Therefore, the company hired the independent
appraiser to evaluate leasehold by appraised value of 79 million baht (net book
value of 71 million baht in 2019). For the consideration method of income from
renting leasehold rights at the market price and discounted to the present value
under an unusual assumption, the auditor was unable to use other audit methods
to be satisfied in evaluating fair value of such leasehold rights.
The Stock Exchange of Thailand would like to clarify additional information as 
follows:
2.1.    Policy on fair valuation of land leasehold rights for testing impairment 
and company reason of unable to evaluate fair value of such leasehold rights
Answer The company provides fair valuation every year. In this year, the company
changed the appraisal company from Knight Frank Chartered (Thailand) Company
Limited to SL Standard Appraisal Company Limited, which commissioned in March
2018 and assessment completed on 30 April 2018 by using two assessment methods:
1)    Price appraised by Market Approach, evaluated price of 82 million baht.
2)    Priced apprised by Discounted Cash Flow Approach-DFC, evaluated price of 91 
million baht.
2.2.    Opinion of the Board of Directors regarding the fair value consideration 
and such impairment of leasehold rights.
Answer The Board of Directors always seek the appraisal company in the list of 
approved names by the Stock Exchange of Thailand. The company has reserved the
impairment since 2015 and appraised price not lower than the current book value
in every year. The opinion of the Board of Directors for impairment reserve of
leasehold rights is to consider that does not reserve impairment due to the
appraised value is higher than the book value.
3.    Other Long-term investments
In accordance with the notes to the financial statements No.14 regarding other 
long-term investments stated that on 3 September 2018, the company recorded the
preliminary agreement to purchase an ordinary share of company not less than 1.5
million shares, 600 baht par value, totalling 900 million baht from unrelated
individuals. The company paid up shares of 730 million baht, the remaining
unpaid amount to 96 million baht and received the share transfer on 3 December
2018.
The Stock Exchange of Thailand would like to clarify additional information as 
follows:
3.1.    The date on which the Board of Directors has resolved to invest and make 
the investment decisions., including any information of Board of Directors to
consider investing, coordinator or recommend investment, pricing criteria,
investment sources used to purchase investments. In case of using funds from the
capital increase, requesting to consider whether is in accordance with the
purpose of capital increase or not and the benefited company will receive from
investing in such company.

Answer The Board of Directors passed a resolution to invest in such ordinary 
shares on 3 October 2018. The Company entered into sale and purchase agreement
on 5 October 2018. However, the Board of Directors considered the investment
decision from the following information.
1)    The company has received the analysis information for due diligence of 
business status (Not verify the information on the official document. The
official document is the business financial statement because of the financial
information has not yet been audited by the auditor, including not yet submitted
to Department of Business Development in 2018.) For such information, the
present value return of received company are 979.73 million baht or accounted
for 7.3% of return on investment which is an attractive return in investing. The
financial advisor analyzed the performance of WEH from the information on Due
Diligence. In the event that BASE CASE will receive IRR 7.37%, WACC 7.49%, NPV
979.73 million baht, higher than the company purchase price. The amount of
dividend yields shall be 96.47 million baht at 10.72% ,100.81 million baht at
11.20% and 100.66 million baht at 11.18% in 2021, 2022 and 2023 respectively.
However, the financial advisor is Strasmore Management Group Company Limited
which made the Due Diligence and not in the name lists approved by the Office of
 the SEC.
 Entering into the agreement with condition if the due diligence of business 
status is completed and the value of return is not company satisfactory, the
sale contract will be considered to be terminated. The seller must return the
deposit with interest rate at 3% per year from the date that the seller receives
 payment from company's deposit.
2)    The company is in the process of resolving Krung Thai Bank case, thus 
delaying investment in real estate. The company has the option to invest in new
business in order to receive good returns. The seller contacted the company to
offer the energy company shares. New business management department was brought
to the Board of Directors to consider alternative investments. Therefore, the
Board of Directors passed the resolution for Khun Prapat Yokhan (Director) to
coordinate such investments as alternative investments due to the company wants
to diversify risks from the real estate business as the main company business
and the company used the proceeds from business of investment acquisition.
Sources of funds used for the project below.
Transfer Report Ownership for the year 2017-15/5/2019
No.    Project    Amount (Baht)
1     AQ Shadi         311,185,468.00
2    AQ Virar         132,310,000.00
3    AQ Garden          93,685,790.00
4    15 Gate          28,980,000.00
5    AQ Arbor        243,176,500.00
6    The Kris          11,798,000.00
7    AQ Biz Park           38,500,000.00
8    AQ Alix        201,181,228.37
9    AQ Welle       138,580,000.00
     Total     1,199,396,986.37

3.2.    Summary details of the invested company such as company name, nature 
business, shareholder structure, the Board of Directors, financial position and
operating results in 2016 - 2018.
Answer The company invests in ordinary shares of Wind Energy Holding Company 
Limited (Wind Energy) of 1,500,000 shares, representing 1.38% which is the
company with main income from holding shares in other companies. At present,
Wind Energy has investment in 8 subsidiaries. The company operates manufacturing
business and electricity sale from wind power, with the shareholding structure
as follows.
 
The Board of Directors of Wind Energy Limited
1)    Mr. Nop Narongdej
2)    Mr. Natthawut Phowborom
3)    Mr. Than Riensuwan
4)    Mr. Apichat Nathasilp
5)    Mr. Wichai Thongtang
6)    Mr. Vichate Tantiwanich
7)    Mrs. Emma Lewis Collins
8)    Mr. Kamthorn Kittiisaranon
9)    Miss Nanthida Kittiisaranon
10)    Miss Anicha Ahsirano
11)    Mr. Akararat Na Ranong
Financial position and operating results of Wind Energy in 2016-2017.
        Unit:  Baht
Description    2016    2017
Total Assets        5,947,235,824        6,330,364,689
Total Liabilities       1,801,007,954        1,920,497,389
Shareholder's Equity       4,146,227,870        4,409,867,300
Total Revenues          794,785,124           889,706,397
Total Expenses          435,926,882           450,686,698
Net Profit          246,327,346           263,639,430

3.3.    Summary details of seller such as name. In the case of the juristic person,
specify name of the directors and ultimate shareholders, Business relationship
and shareholding with the Group of Board of Directors and Management.
Answer The seller is natural person named Khun Jariya Buasup which is no 
business relationship and shareholding with the Group of Board of Directors and
Management.
3.4.    Such transaction is within the scope of asset acquisition transaction or 
connected transaction and the company has complied with the requirements
referred to No. 3 the Notification of the Board of Governors of the Stock
Exchange of Thailand Re: Disclosure of Information and Practices of Listed
Companies in the Acquisition or Disposition and No. 4, the Notification of the
Board of Governors of the Stock Exchange of Thailand Re: Disclosure of
Information and Actions of Listed Companies on Connected Transactions, or not
and how.
Answer The purchase-sale transactions of such ordinary shares are the derived 
revenues from assets   under the Notification of Capital Market Supervisory
Board No. TorChor. 20/2008 Re: Rules on Entering into Material Transactions
Deemed as Acquisition or Disposal of Assets (Including the amendments) and the
Notification of Board of Governors of Stock Exchange of Thailand Re:  Disclosure
of Information and Other Acts of Listed Companies Concerning the Acquisition
and Disposition of Assets, 2004 (Including the amendments)  ("Announcement of
Acquisition or Disposition of Assets"). However, when calculating the
transaction size compared to the total assets referring to the consolidated
financial statements of company ended 30 June 2018, which measured the size of
all 4 cases have been found the maximum transaction size at 12.98 % according to
the criteria of return value. Therefore, the company has no duty to disclose
any information in accordance with the announcement of acquisition or
disposition transaction due to lower than 15%.

Please be aware and please spread further.
Yours Sincerely,
(Mr. Suthad Chankingthong)          (Ms. Ranchana Rajatanavin)                           
        Director                                    Director










Debt Securities Analysis of Planet Energy Holdings Pte. Ltd. (PEH)               18 
February 2019
Company Investment             (Attachment 1)
Basic Information
Planet Energy Holdings Pte. Ltd. (PEH)
Date of Established Company Registration    :    11 April 2014
Location of Head Office    :    1 Raffles Places # 28-02 One Raffles Place, Singapore 
048616
Nationality    :    Singapore
Authorized Capital    :    USD 113.997
Paid-up Capital
    :
    USD 113.997
All this is divided into 50,000 ordinary shares.
Conducting Business     :    PEH operates business in holding shares in other 
companies (Holding Company), holding 18% of all shares sold in Green Earth Power
(Thailand) Co., Ltd.("GED"). GEP is currently operates business in holding
shares in other companies and no business operations of its own (Holding
Company) by being the shareholder of 100% of all sold GEP (Myanmar) Company
Limited ("GEPM") shares.
Board of Directors of PEH
No.    List of Directors    Nationality    Position
1    Tan Lian Kiow Chai Bak Hua    Singapore    Authorized Director Signature
2    Aung Thita (Mr. Aung Thiha)    Burma    Authorized Director Signature
3    Mr. Supasit Phokhinjarut    Thai    Authorized Director Signature


Majority Shareholder of PEH
No.    List of Shareholders    Nationality    Number of shares    Proportion
1    AVA Asia Ltd.    British Virgin Islands    50,000    100%







Structure of Group
The structure of Noble Planet Pte. Ltd. ("NBP") Group is the Singaporean 
nationality that is characteristic of holding company with Wealthy (BVI) being
the only major shareholder of 50,000 shares and has authorized capital of USD
61.67 million. The Board of Directors is the group of people with PEH. However,
NPB is the company holding ordinary shares of GEP in the same order as PEH and
the shareholding proportion in GEP at 20.00% of total sold shares.

Analysis of PEH Subsidiaries

The PEH business in the Holding Company has analyzed its subsidiaries such as 
GEP. At present, GEP operates business in holding shares in other companies and
no business operations of its own (Holding Company) by holding shares in GEPM at
the proportion of 100 % of all shares sold which is the source of income for
GEP with details as follows.


Green Earth Power (Thailand) Co., Ltd. ("GED")
Date of Established Company Registration     :     30 April 2557
Location of Head Office                                   :     33/4 The Nine 
Tower, Grand Rama 9, 36th Floor, Huai
                                                                                
Khwang Subdistrict, Huai Khwang District, Bangkok.
Authorized Capital                                           :     155.76 
million baht
                                                                               
Which is divided into 1,557,558 ordinary shares,100-baht
                                                                               
par value
Conducting Business                                      :     PEH operates 
business in holding shares in other
                                                                               
companies and no business operations of its own
                                                                              
(Holding Company) by being the shareholder of 100% of
                                                                              
all sold GEP (Myanmar) Company Limited ("GEPM")
                                                                              
shares.

GEP (Myanmar) Co., Ltd ("GEPM")
Date of Established Company Registration     :    19 February 2016
Nationality                                                        :     Myanmar
Location of Head Office                                  :     Suite 213, 2nd 
Floor, Pearl Condo, Kabar Aye Pagoda
                                                                               
Road, Bahan Township,Yangon, Myanmar
Authorized Capital                                           :     USD 500 
million
                                                                               
Which is divided into 500 million ordinary shares,
                                                                               
USD1.00 par value
Paid-up Capital                                               :     USD 6.65 
million
Conducting Business                                      :     GEPM is the GEP 
subsidiary under established law of
                                                                               
Myanmar which GEPM currently operates as follows:
1.    Business related to power generation machines and electricity generation 
equipment from clean energy as well as various renewable energy such as solar
and wind including consulting, installation, inspection, repair maintenance and
related services.
2.    Operation of electricity for distribution to agencies, both public and 
private, domestic and foreign.



    The GEPM (the subsidiary of GEP) is in the developing process of solar power 
plant project which installed on ground at Minbu city, Magway district, Republic
of the Union of Myanmar ("Minbu Power Plant Project" or "Project").The
installed capacity of power plant is total of 220 megawatts (direct current)
power generation to 170 megawatt (alternating current).
    However, GEPM entered into power purchase agreement with government agency of 
Republic of Union of the Myanmar to oversee the production and distribution of
electricity such as Electric Power Generation Enterprise ("EPGE") on March 20,
2016 and every phase of the project has received MIC Permit dated 12 April 2017
by obtaining the BOT (Built-Operate-Transfer) agreement with term of 30 year
from the commencement of commercial operation date (COD) of Phase 1 and the
power purchase rate at USD 0.1275 per kilowatt - hour.
    All this GEPM expected when construction is completed, then all will be able to
recognize revenue from electricity sales for full year approximately USD 40.77
million and the average net profit of USD16.38 million. At present, Phase 1
project has started construction on the progress of approximately 70% of project
phase 1. Phase 1 is expected to be completed and began commercial operation
within 30 April 2019 and GEP Myanmar to receive cash flows from the sale of
electricity immediately.
GEP stock valuation
    The valuation GEP has analyzed according to the estimated fair value of GEP 
report which prepared by the financial advisor approved by the SEC as of
February 2019.
    In accordance with the financial advisor has assessed the value of GEP by 
discounted cash flow approach which calculates the present value of estimated
net cash flow from operations with appropriate discount rate and taking into
account of GEP operation in the future base on the assumption of prepared
financial advisor. The GEP fair value after net cash flow deduction of META can
be obtained from not having to be responsible for additional funding for GEP
investment according to the agreement between the shareholders, the value is
3,444.71 million baht. Both NBP and PEH have the shareholding proportion in GEP
equal to 38% of all paid-up shares1, therefore, the common stock value is equal
to 1,308.99 million baht.

1 Since 31 January 2018, the QTCGP has exercised the right to ordinary shares 
sold at15% of the total paid-up shares of GEP return to seller, therefore, PEH
and NBP have increased their shareholding proportion from 53.00% to 68% of all
shares sold of GEP. The referral information from shareholding proportion after
making the information transaction concerning the asset acquisition of ECF Re:
Shares acquisition of GEP as of 11 May, 2017 and documents to inform the
exercise of share sales by 15% of shares in GEP return to seller (Additional
amendments) on 31 January 2018. After that, SCN has purchased 30% of total
issued shares of GEP according to information on the assets acquisition of SCN
Re: Shares acquisition of GEP as of 11 May, 2018.
Additional information concerning the financial status of authorized control 
person and ultimate shareholder of PEH
At present, Mr.Suphisit Pokinjarurat and Mr. Aung Thiha are the authorized 
control person and ultimate shareholder, both direct and indirect, equal
proportion at 50% of paid-up capital of Wealthy Capital Consulting Ltd. and ANA
Asia Ltd. which is the holding company of NBP and PEH respectively.
Nevertheless, NBP and PEH holds GEP shares at proportion of 38.00% of all shares
 sold.2
In the second quarter of 2015, Meta Corporation Pcl. ("META") (formerly known as
Vintage Engineering Pcl.)  has invested GEP's ordinary shares in the proportion
at 12.00% of all shares sold of GEP and META issued 85,637,713 newly issued
ordinary shares to be paid for such investments to the PEH shareholders. The PEH
has the shareholding proportion in META, representing 6.72% of all shares sold
as of 31 July 2018,
During the second quarter of 2017, PEH and NBP sold GEP common shares to QTCGP 
and ECF-Power in the proportion at 15% and 20% of all shares sold of GEP
respectively. However, on 31January 2018, QTCGP exercised the right to sell the
ordinary shares return to the seller in the amount of 15.00% of all shares sold
of GEP. Then, the second quarter of 2018, PEH sold the GEP ordinary shares to
Scan Inter Pcl. ("SCN") in the proportion at 30% of all shares sold of GEP.As a
result, after such ordinary shares sales of GEP, PEH and NBP have the combined
shareholding proportion in GEP at 38.00% of all shares sold.
Therefore, Mr. Pokinjarurat and Mr. Aung Thiha are holding assets in combination
 which can be summarized as follows.
No.    Description    Value (million baht)
1.    Value of META ordinary shares at the ratio of 6.72%    175.363
2.    Value of ordinary shares of GEP at 38.00%    1,308.994
                                                                         
Total    1,484.35
In addition, the authorized control person and ultimate shareholder of PEH still
have cash from selling ordinary shares of GEP to ECF-Power and SCN equal to
310.05 and 298.66 million baht, the total cash value of 608.71 million baht5
which returned to invest in the development of GEP solar power plant project.
2 Refer to the shareholding proportion of PEH in META as of 31 July 2018 from 
SETSMART
3 Calculated by multiplying the META shares number of PEH holding with market 
capitalization as of 18 February 2019 according to SET.
4 Value of GEP ordinary shares is calculated from the fair valuation report and 
prepared by the approved financial advisor by the SEC as of February 2019.
5 Refer to the information regarding to transaction of ECF asset acquisition Re:
Shares acquisition of GEP as of 11 May, 2017and information concerning on the
assets acquisition of SCN Re: Shares acquisition of GEP as of 11 May, 2018.


Opinion of Analysis Department

For the asset assessment of authorized control person and ultimate shareholder, 
consisting of the value of META ordinary shares, the value of GEP ordinary
shares and cash received from GEP sale of ordinary shares to ECF-Power and SCN.
In the valuation of META ordinary shares, the analysis is based on the market 
capitalization as of 18 February 2019 and the holding proportion of PEH at 6.72%
of all shares sold of META. Therefore, the value of META ordinary share which
the authorized control person and ultimate shareholder hold at 6,72% of all
shares sold will be the value of 175.36 million baht.
In the valuation of GEP ordinary shares, the analysis is based on the fair value
evaluation report of GEP and prepared by approved financial advisor from office
of SEC. as of February 2019 which is evaluated with caution according to
reasonable assumptions and using net present value method of cash flow that the
analytical department considers appropriate. Thus, the value of GEP ordinary
shares of authorized control person and ultimate shareholder holding at 38% of
all shares sold will be valued at 1,308.99 million baht.
In addition, the authorized control person and ultimate shareholder of PEH has 
received from sales GEP ordinary shares to ECF-Power and SCN equal to 608.71
million baht which returned to invest in the development of GEP solar power
plant project. Therefore, the authorized control person and ultimate shareholder
of PEH has the total asset value of 2,093.06 million baht and concluded that
the asset value of authorized control person and ultimate shareholder of PEH
holdings are worth more than sufficient to repay short-term debt securities or
bills of exchange (BE) issued by PEH with equals 1,066.89 million baht6 and
accounted for approximately 1.96 times the value of short-term debt securities
or bills of exchange (BE). As a result of GEP (PEH holding in shares 18%) has
often changed the company structure, the analysis department therefore considers
that investors in such short-term debt securities may be gradually partial
repayment.




6 Value of short-term debt securities or bills of exchange (BE) of PEH issued to
 AQ Estate Pcl. ("AQ") as of 10 January 2019 (Source: AQ)



Debt Securities Analysis of Krung Thai Land Development Company Limited         
       20 February 2019
Company Management                                                              
                     Attachment (2)
Basic Information ( )
Krung Thai Land Development Company Limited ("KT Land", "Company")
Date of Established Company Registration    :    28 March 1988
Location of Head Office    :    3675 Rama IV Road, Phrakanong Subdistrict, Khlong Toei
 District, Bangkok 10110
Nationality    :    Thai
Authorized Capital    :    350,000,000 baht
Paid-up Capital
Number of Ordinary Shares    :
:    350,000,000 Baht
350,000 shares
Conducting Business     :    The company operates the real estate business of The 
Portrait Rama 4-Sukhumvit 38 Project.

Board of Directors of Company
No.    List of Directors    Nationality    Position
1    Mr. Preecha Laohapongchana    Thai    Authorized Director Signature
2    Miss Chavaporn Laohapongchana    Thai    Authorized Director Signature
3    Mr. Tharit Udomcharoenchaikit        Thai    Authorized Director Signature


Majority Shareholder of Company
No.    List of Shareholders    Nationality    Number of shares    Proportion
1    Mr. Preecha Laohapongchana    Thai    240,000    68.57%
2    Mr. Sivasit Laohapongchana    Thai    52,500    15.00%
3    Mr. Tharit Udomcharoenchaikit    Thai    5,000    1.43%
4    Mr. Chuwat Laohapongchana    Thai    52,500    15.00%
Total    350,000    100.00%



Opinion of Analysis Department
The total assets value in accounting of company current situation is 1,265.59 
million baht which adjusted book value, according to the property valuation
report prepared by Siam City Appraisal Company Limited as at 2 November 2017 and
conducted land and improvement assessment of "Portrait Condominium Rama 4
Project", which is the company project. The total of company assets after
accounting adjustment are 1,434.84 million baht when deducted from the company
total liabilities, totalling 1,047.74 million baht. The value of shareholders'
equity after the accounting adjustment is 387.11 million baht.
Nevertheless, the group of 4 company shareholders are famous person in the 
political and real estate development business. Such group of company
shareholders are holding ordinary shares in various proportion of 4 other
companies such as:
1)    Triple P Assets Company Limited
2)    Chao Phaya Insurance Public Company Limited
3)    Krung Thai Tractor Company Limited
4)    Reuziti (Thailand) Company Limited
When considering such proportionate shareholding in above 4 companies, the group
of company shareholders holding assets in other companies valued at 1,481.01
million baht and paid-up authorized capital of 517.14 million baht.
However, the value of company shareholders' equity is equal to 387.11 million 
baht, including reputation and property value of shareholders group of 4 other
companies holding are 1,481.01 million baht that show such shareholders group of
company has potential to repay the loan agreement worth 412 million baht by
selling company assets both the company and other companies more than the value
of loan agreements to such repayment if demand and repayment from investor which
 is AQ Estate Public Company Limited.



    
    


                         Signature ___________________________
                                    ( Mr.Suthad Chankingthong  Ms.Ranchana 
Rajatanavin )
                                    Director          Director
                         Authorized to sign on behalf of the company

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