Common use of Investments in Subsidiaries Clause in Contracts

Investments in Subsidiaries. Investments in subsidiaries in the separate financial statements which use the cost method are as follows: Country of In Thousand Baht Company's name Business type registration Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost - net As at December 31, As at December 31, As at December 31, As at December 31, As at December 31, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Sahakarn Wisavakorn Company Limited Construction services - basic infrastructure Thailand 99.99 99.99 500,000,000 Baht 500,000,000 Baht 620,894,691 620,894,691 (145,071,416) (145,071,416) 475,823,275 475,823,275 TRC Utility Company Limited To produce and distribute tap water Thailand 99.97 99.97 250,000 Baht 250,000 Baht 249,925 249,925 - - 249,925 249,925 Total 621,144,648 621,144,648 (145,071,416) (145,071,416) 476,073,232 476,073,232 On August 14, 2019 the Board of Directors’ Meeting No.8/2562 had a resolution to approve the company to establish a new subsidiary in order to operate an automatic warehouse. Presently, it is under the process of company registration and establishment. Details of investments in subsidiaries which are held by the Company’s subsidiaries are as follows: Country of In Thousand Baht Company's name Business type registration Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost method - net As at December 31, As at December 31, As at December 31, As at December 31, As at December 31, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Held by Sahakarn Wisavakorn Company Limited Hydrotek Sahakarn Joint Venture Construction services Thailand 49.00 49.00 1,000,000 Baht 1,000,000 Baht 490,000 490,000 - - 490,000 490,000 Held by TRC Investment Limited TRC International Limited Holding company Hong Kong 100.00 100.00 10 HKD 10 HKD 33 33 - - 33 33 Held by TRC International Limited TRC Middle East LLC Construction services Sultanate ofOman 70.00 70.00 150,000 Omani Rial 150,000 Omani Rial 12,322,330 12,322,330 (12,322,330) (12,322,330) - - TRC Engineering LLC Construction services Sultanate ofOman 70.00 70.00 250,000 Omani Rial 250,000 Omani Rial 13,654,506 13,654,506 (13,654,506) (13,654,506) - - Total 26,466,869 26,466,869 (25,976,836) (25,976,836) 490,033 490,033 Sahakarn Wisavakorn Company Limited, which is the Company’s subsidiary, and Hydrotek Public Company Limited agree that the subsidiary will be responsible for project execution of Hydrotek Sahakarn Joint Venture whereas Hydrotek Public Company Limited will not share any gain and loss as well as damage maybe arisen from this project. Later, on October 31, 2019, the Board of Directors’ Meeting No.2/2562 approve to cease the business operation. As at December 31, 2019 such subsidiary is under liquidation process. On March 10, 2016, the Meeting No. 3/2016 of the Company’s Board of Directors passed a resolution to approve the closure of TRC Middle East LLC and TRC Engineering LLC. On December 31, 2019, these subsidiaries have been in the liquidation process.

Investments in Subsidiaries. Investments Details of investments in subsidiaries as presented in the separate financial statements which use the cost method are as follows: Nature Country of In Thousand Baht Company's name Business type registration of business incorporation Paid-up capital Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost - net (Baht) As at September As at December 31, As at September As at December 31, As at September As at December 30, 2019 31, As at December 2018 30, 2019 31, As at December 2018 30, 2019 31, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Sahakarn Wisavakorn Company Limited Construction services - basic infrastructure Thailand 99.99 99.99 500,000,000 Baht 500,000,000 Baht 620,894,691 620,894,691 (145,071,416) (145,071,416) 475,823,275 475,823,275 TRC Investment Limited* Holding company The Republic of Mauritius 1 USD 1 USD 100.00 100.00 32 32 TRC Utility Company Limited To produce and distribute tap water Thailand 250,000 250,000 99.97 99.97 250,000 Baht 250,000 Baht 249,925 249,925 - - 249,925 249,925 water Baht Baht Total 621,144,648 621,144,648 Less : Allowance for loss on impairment of investment (145,071,416) (145,071,416) Total investments in subsidiaries - net 476,073,232 476,073,232 On August 14, 2019 the Board of Directors’ Meeting No.8/2562 had a resolution to approve the company to establish a 1 new subsidiary in order to operate an automatic warehouse. Presently, it is under the process of company registration and establishment. Details of investments in subsidiaries which are held by the Company’s subsidiaries are as follows: Nature Country of In Thousand Baht Company's name Business type registration of business incorporation Paid-up capital Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost method - net (Baht) As at September As at December 31, As at September As at December 31, As at September As at December 31, As at December 31, As at December 31, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Held by Sahakarn Wisavakorn Company Limited 30, 2019 31, 2018 30, 2019 31, 2018 30, 2019 31, 2018 Hydrotek Sahakarn Joint Venture Construction services Thailand 49.00 49.00 1,000,000 Baht 1,000,000 Baht 490,000 490,000 - - 490,000 490,000 Held by TRC Investment Limited Construction services Thailand 1,000,000 Baht 1,000,000 Baht 49.00 49.00 490,000 490,000 TRC International Limited Limited* Holding company Hong Kong 100.00 100.00 10 HKD 10 HKD 33 33 - - 100.00 100.00 33 33 Held by TRC International Limited TRC Middle East LLC LLC* Construction services Sultanate ofOman of 150,000 150,000 70.00 70.00 150,000 12,322,330 12,322,330 Oman Omani Rial 150,000 Omani Rial 12,322,330 12,322,330 (12,322,330) (12,322,330) - - TRC Engineering LLC LLC* Construction services Sultanate ofOman of 250,000 250,000 70.00 70.00 250,000 13,654,506 13,654,506 Oman Omani Rial 250,000 Omani Rial 13,654,506 13,654,506 (13,654,506) (13,654,506) - - Total 26,466,869 26,466,869 Less: Allowance for loss on impairment of investment (25,976,836) (25,976,836) Total investments in subsidiaries which are held by the Company’s subsidiaries - net 490,033 490,033 * The financial statements of the subsidiary was prepared by the management of the subsidiary and not reviewed by other auditors. Sahakarn Wisavakorn Company Limited, which is the Company’s subsidiary, and Hydrotek Public Company Limited agree that the subsidiary will be responsible for project execution of Hydrotek Sahakarn Joint Venture whereas Hydrotek Public Company Limited will not share any gain and loss as well as damage maybe arisen from this project. Later, on October 31, 2019, the Board of Directors’ Meeting No.2/2562 approve to cease the business operation. As at December 31, 2019 such subsidiary is under liquidation process. On March 10, 2016, the Meeting No. 3/2016 of the Company’s Board of Directors passed a resolution to approve the closure of TRC Middle East LLC and TRC Engineering LLC. On December 31September 30, 2019, these subsidiaries have been in the liquidation process.

Investments in Subsidiaries. Investments in subsidiaries in the separate financial statements which use the cost method are as followsfollows : Country of In Thousand Baht Company's name Business type registration Nature of business incorporation Paid-up capital Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost - net As at December 31, As at December 31, As at December 31, As at December 31, As at December 31, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 (Baht) Sahakarn Wisavakorn Company Limited Construction services - basic infrastructure Thailand 99.99 99.99 500,000,000 Baht 500,000,000 Baht 99.99 99.99 620,894,691 620,894,691 TRC Investment Limited* TRC Utility Company Limited Holding company To produce and distribute tap The Republic of Mauritius Thailand 1 USD 250,000 1 USD 250,000 100.00 99.97 100.00 99.97 32 249,925 32 249,925 Olive Technology water Data management and Thailand Baht 250,000 Baht - 50.00 - 125,000 - Company Limited processing Baht Total 621,269,648 621,144,648 Less : Allowance for loss on impairment of investment (145,071,416) (145,071,416) 475,823,275 475,823,275 TRC Utility Company Limited To produce and distribute tap water Thailand 99.97 99.97 250,000 Baht 250,000 Baht 249,925 249,925 Total investments in subsidiaries - - 249,925 249,925 Total 621,144,648 621,144,648 (145,071,416) (145,071,416) net 476,198,232 476,073,232 476,073,232 As at June 30, 2020 As at December 31, 2019 As at June 30, 2020 As at December 31, 2019 As at June 30, 2020 As at December 31, 2019 On August 14, 2019 the Board of Directors’ Meeting No.8/2562 No.8/2019 had a resolution to approve the company to establish a new subsidiary in order to operate an automatic warehouse. Presently, it the Company is under negotiation process with the process business partners. Olive Technology Company Limited On December 11, 2019, the Board of company registration Directors’ Meeting No. 10/2019 had a resolution to approve the Company entering into a joint venture agreement with Xsense Information Service Co.,Ltd. to conduct the business in providing research and establishmentdevelopment of inspection systems controlled through IOT system at the shareholding 50%, 50%, respectively. The registered date was on March 9, 2020 with the registered capital of Baht 1 million and the paid-up capital of Baht 0.25 million. The Company invested Baht 0.13 million. According to the agreement in the joint venture agreement, the Board of Directors of Olive Technology Co.,Ltd. consists of 5 directors - 3 from TRC Construction (Public) Co.,Ltd. and 2 from Xsense Information Service Co.,Ltd. The meeting resolution on various matters has to receive majority votes of all directors. This means TRC Construction (Public) Co., Ltd. will have control over the operation of Olive Technology Co.,Ltd. Therefore, the Company considered the investments in Olive Technology Co.,Ltd. as a subsidiary. Details of investments in subsidiaries which are held by the Company’s subsidiaries are as follows: Nature Country of In Thousand Baht Company's name Business type registration of business incorporation Paid-up capital Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost method - net (Baht) Held by Sahakarn Wisavakorn Company Limited As at December 31June 30, As at December 31, As at December 31, As at December 31, 2020 As at December 31, 2019 2018 As at June 30, 2020 As at December 31, 2019 2018 As at June 30, 2020 As at December 31, 2019 2018 2019 2018 2019 2018 Held by Sahakarn Wisavakorn Company Limited Hydrotek Sahakarn Joint Venture Construction services Thailand 49.00 49.00 1,000,000 Baht 1,000,000 Baht 490,000 490,000 - - 490,000 490,000 Held by TRC Investment Limited Construction services Thailand 1,000,000 Baht 1,000,000 Baht 49.00 49.00 490,000 490,000 TRC International Limited Limited* Holding company Hong Kong 100.00 100.00 10 HKD 10 HKD 33 33 - - 100.00 100.00 33 33 Held by TRC International Limited TRC Middle East LLC LLC* Construction services Sultanate ofOman of 150,000 150,000 70.00 70.00 150,000 12,322,330 12,322,330 Oman Omani Rial 150,000 Omani Rial 12,322,330 12,322,330 (12,322,330) (12,322,330) - - TRC Engineering LLC LLC* Construction services Sultanate ofOman 70.00 70.00 of Oman 250,000 Omani Rial 250,000 Omani Rial 70.00 70.00 13,654,506 13,654,506 (13,654,506) (13,654,506) - - Total 26,466,869 26,466,869 Less : Allowance for loss on impairment of investment (25,976,836) (25,976,836) Total investments in subsidiaries which are held by the Company’s subsidiaries - net 490,033 490,033 * The financial statements of the subsidiary were prepared by the management of the subsidiary and not reviewed by other auditors. Sahakarn Wisavakorn Company Limited, which is the Company’s subsidiary, subsidiary and Hydrotek Public Company Limited agree that the subsidiary will be responsible for project execution of Hydrotek Sahakarn Joint Venture whereas Hydrotek Public Company Limited will not share any gain and loss as well as damage maybe arisen from this project. Later, on October 31, 2019, the Board of Directors’ Meeting No.2/2562 No.2/2019 approve to cease the business operation. As at December 31June 30, 2019 2020 such subsidiary is under liquidation process. On March 10, 2016, the Meeting No. 3/2016 of the Company’s Board of Directors passed a resolution to approve the closure of TRC Middle East LLC and TRC Engineering LLC. On December 31June 30, 20192020, these subsidiaries have been in the liquidation process.

Investments in Subsidiaries. Investments in subsidiaries in the separate financial statements which use the cost method are as followsfollows : Country of In Thousand Baht Company's name Business type registration Nature of business incorporation Paid-up capital Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost - net (Baht) As at December 31June 30, As at December 31, As at December 31, As at December 31, 2020 As at December 31, 2019 2018 As at June 30, 2020 As at December 31, 2019 2018 As at June 30, 2020 As at December 31, 2019 2018 2019 2018 2019 2018 Sahakarn Wisavakorn Company Limited Construction services - basic infrastructure Thailand 99.99 99.99 500,000,000 Baht 500,000,000 Baht 620,894,691 620,894,691 (145,071,416) (145,071,416) 475,823,275 475,823,275 TRC Investment Limited* Holding company The Republic of Mauritius 1 USD 1 USD 100.00 100.00 32 32 TRC Utility Company Limited To produce and distribute tap water Thailand 99.97 99.97 250,000 Baht 250,000 Baht 99.97 99.97 249,925 249,925 Olive Technology Company Limited Data management and processing Thailand 250,000 Baht - 50.00 - 249,925 249,925 125,000 - Total 621,269,648 621,144,648 621,144,648 Less : Allowance for loss on impairment of investment (145,071,416) (145,071,416) 476,073,232 Total investments in subsidiaries - net 476,198,232 476,073,232 On August 14, 2019 the Board of Directors’ Meeting No.8/2562 No.8/2019 had a resolution to approve the company to establish a new subsidiary in order to operate an automatic warehouse. Presently, it the Company is under negotiation process with the process business partners. Olive Technology Company Limited On December 11, 2019, the Board of company registration Directors’ Meeting No. 10/2019 had a resolution to approve the Company entering into a joint venture agreement with Xsense Information Service Co.,Ltd. to conduct the business in providing research and establishmentdevelopment of inspection systems controlled through IOT system at the shareholding 50%, 50%, respectively. The registered date was on March 9, 2020 with the registered capital of Baht 1 million and the paid-up capital of Baht 0.25 million. The Company invested Baht 0.13 million. According to the agreement in the joint venture agreement, the Board of Directors of Olive Technology Co.,Ltd. consists of 5 directors - 3 from TRC Construction (Public) Co.,Ltd. and 2 from Xsense Information Service Co.,Ltd. The meeting resolution on various matters has to receive majority votes of all directors. This means TRC Construction (Public) Co., Ltd. will have control over the operation of Olive Technology Co.,Ltd. Therefore, the Company considered the investments in Olive Technology Co.,Ltd. as a subsidiary. Details of investments in subsidiaries which are held by the Company’s subsidiaries are as follows: Nature Country of In Thousand Baht Company's name Business type registration of business incorporation Paid-up capital Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost method - net (Baht) As at December 31June 30, As at December 31, As at December 31, As at December 31, 2020 As at December 31, 2019 2018 As at June 30, 2020 As at December 31, 2019 2018 As at June 30, 2020 As at December 31, 2019 2018 2019 2018 2019 2018 Held by Sahakarn Wisavakorn Company Limited Hydrotek Sahakarn Joint Venture Construction services Thailand 49.00 49.00 1,000,000 Baht 1,000,000 Baht 490,000 490,000 - - 49.00 49.00 490,000 490,000 Held by TRC Investment Limited TRC International Limited Limited* Holding company Hong Kong 100.00 100.00 10 HKD 10 HKD 33 33 - - 100.00 100.00 33 33 Held by TRC International Limited TRC Middle East LLC LLC* Construction services Sultanate ofOman 70.00 70.00 of Oman 150,000 Omani Rial 150,000 Omani Rial 70.00 70.00 12,322,330 12,322,330 (12,322,330) (12,322,330) - - TRC Engineering LLC LLC* Construction services Sultanate ofOman 70.00 70.00 of Oman 250,000 Omani Rial 250,000 Omani Rial 70.00 70.00 13,654,506 13,654,506 (13,654,506) (13,654,506) - - Total 26,466,869 26,466,869 Less : Allowance for loss on impairment of investment (25,976,836) (25,976,836) Total investments in subsidiaries which are held by the Company’s subsidiaries - net 490,033 490,033 * The financial statements of the subsidiary were prepared by the management of the subsidiary and not reviewed by other auditors. Sahakarn Wisavakorn Company Limited, which is the Company’s subsidiary, subsidiary and Hydrotek Public Company Limited agree that the subsidiary will be responsible for project execution of Hydrotek Sahakarn Joint Venture whereas Hydrotek Public Company Limited will not share any gain and loss as well as damage maybe arisen from this project. Later, on October 31, 2019, the Board of Directors’ Meeting No.2/2562 No.2/2019 approve to cease the business operation. As at December 31June 30, 2019 2020 such subsidiary is under liquidation process. On March 10, 2016, the Meeting No. 3/2016 of the Company’s Board of Directors passed a resolution to approve the closure of TRC Middle East LLC and TRC Engineering LLC. On December 31June 30, 20192020, these subsidiaries have been in the liquidation process.

Investments in Subsidiaries. Investments in subsidiaries in the separate financial statements which use the cost method are as follows: Nature Country of In Thousand Baht Company's name Business type registration of business incorporation Paid-up capital Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost - net (In Baht) As at March 31, 2022 As at December 31, 2021 As at March 31, 2022 As at December 31, 2021 As at March 31, 2022 As at December 31, As at December 31, As at December 31, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Sahakarn Wisavakorn 2021 TRC Investment Limited* Holding company The Republic ofMauritius 1 USD 1 USD 100.00 100.00 32 32 Olive Technology Company Limited Construction services - basic infrastructure Data management and processing Thailand 99.99 99.99 500,000,000 3,100,000 Baht 500,000,000 3,100,000 Baht 620,894,691 620,894,691 49.97 49.97 1,549,070 1,549,070 Total 622,443,793 622,443,793 Less : Allowance for loss on impairment of investment (145,071,416) (145,071,416) 475,823,275 475,823,275 TRC Utility Company Limited To produce Total investments in subsidiaries - net 477,372,377 477,372,377 * The financial statements of the subsidiary were prepared by the management of the subsidiary and distribute tap water Thailand 99.97 99.97 250,000 Baht 250,000 Baht 249,925 249,925 - - 249,925 249,925 Total 621,144,648 621,144,648 (145,071,416) (145,071,416) 476,073,232 476,073,232 On August 14, 2019 the Board of Directors’ Meeting No.8/2562 had a resolution to approve the company to establish a new subsidiary in order to operate an automatic warehouse. Presently, it is under the process of company registration and establishmentnot reviewed by other auditors. Details of investments in subsidiaries which are held by the Company’s subsidiaries are as follows: Nature Country of In Thousand Baht Company's name Business type registration of business incorporation Paid-up capital Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost method - net (In Baht) As at March 31, 2022 As at December 31, 2021 As at March 31, 2022 As at December 31, 2021 As at March 31, 2022 As at December 31, As at December 31, As at December 31, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2021 Held by Sahakarn Wisavakorn Company Limited Hydrotek Sahakarn Joint Venture Construction services Thailand 1,000,000Baht 1,000,000 Baht 49.00 49.00 1,000,000 Baht 1,000,000 Baht 490,000 490,000 - - 490,000 490,000 Saha Hydro Pattaya Joint Venture Construction services Thailand 200,000Baht 200,000 Baht 100.00 100.00 200,000 200,000 Held by TRC Investment Limited TRC International Limited Limited* Holding company Hong Kong 100.00 100.00 10 HKD 10 HKD 33 33 - - 100.00 100.00 33 33 Held by TRC International Limited TRC Middle East LLC LLC* Construction services Sultanate ofOman 70.00 70.00 150,000 Omani Rial 150,000 Omani Rial 70.00 70.00 12,322,330 12,322,330 (12,322,330) (12,322,330) - - TRC Engineering LLC LLC* Construction services Sultanate ofOman 70.00 70.00 250,000 Omani Rial 250,000 Omani Rial 70.00 70.00 13,654,506 13,654,506 (13,654,506) (13,654,506) - - Held by Olive Technology Company Limited Mahat Company Limited Data management and processing Thailand 1,000,000Baht 1,000,000 Baht 59.98 59.98 599,800 599,800 Total 26,466,869 26,466,869 27,266,669 27,266,669 Less: Allowance for loss on impairment of investment (25,976,836) (25,976,836) 490,033 490,033 Sahakarn Wisavakorn Company Limited, Total investments in subsidiaries which is are held by the Company’s subsidiary, and Hydrotek Public Company Limited agree that subsidiaries - net 1,289,833 1,289,833 * The financial statements of the subsidiary will be responsible for project execution were prepared by the management of the subsidiary and not reviewed by other auditors. Hydrotek Sahakarn Joint Venture whereas Hydrotek Public Company Limited will not share any gain and loss as well as damage maybe arisen from this project. Later, on October As at March 31, 2019, the Board of Directors’ Meeting No.2/2562 approve to cease the business operation. As at December 31, 2019 2022 such subsidiary is under liquidation process. On March 10, 2016, the Meeting No. 3/2016 of the Company’s Board of Directors passed a resolution to approve the closure of TRC Middle East LLC and TRC Engineering LLC. On December LLC As at March 31, 20192022, these subsidiaries have been are now in the liquidation company dissolution process.

Investments in Subsidiaries. Investments in subsidiaries in the separate financial statements which use the cost method are as follows: Country of In Thousand Baht Company's name Business type registration Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost - net As at December 31, As at December 31, As at December 31, As at December 31, As at December 31, 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 2020 2019 2018 Sahakarn Wisavakorn Company Limited Construction services - basic infrastructure Thailand 99.99 99.99 500,000,000 Baht 500,000,000 Baht 620,894,691 620,894,691 (145,071,416) (145,071,416) 475,823,275 475,823,275 TRC Utility Company Limited To produce and distribute tap water Thailand 99.97 99.97 250,000 Baht 250,000 Baht 249,925 249,925 - - 249,925 249,925 Olive Technology Company Limited Data management and processing Thailand 49.97 - 250,000 Baht - 124,925 - - - 124,925 - Total 621,144,648 621,269,573 621,144,648 (145,071,416) (145,071,416) 476,073,232 476,198,157 476,073,232 On August 14, 2019 the Board of Directors’ Meeting No.8/2562 No.8/2019 had a resolution to approve the company to establish a new subsidiary in order to operate an automatic warehouse. Presently, it is under negotiation process with the process of company registration and establishmentbusiness partner. Details of investments in subsidiaries which are held by the Company’s subsidiaries are as follows: Country of In Thousand Baht Company's name Business type registration Shareholding percentage (%) Paid-up capital Cost method Allowance for loss Cost method - net As at December 31, As at December 31, As at December 31, As at December 31, As at December 31, 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Held by Sahakarn Wisavakorn Olive Technology Company Limited Hydrotek Sahakarn Joint Venture Construction services Thailand 49.00 49.00 1,000,000 Baht 1,000,000 Baht 490,000 490,000 - - 490,000 490,000 Held by TRC Investment Limited TRC International Limited Holding company Hong Kong 100.00 100.00 10 HKD 10 HKD 33 33 - - 33 33 Held by TRC International Limited TRC Middle East LLC Construction services Sultanate ofOman 70.00 70.00 150,000 Omani Rial 150,000 Omani Rial 12,322,330 12,322,330 (12,322,330) (12,322,330) - - TRC Engineering LLC Construction services Sultanate ofOman 70.00 70.00 250,000 Omani Rial 250,000 Omani Rial 13,654,506 13,654,506 (13,654,506) (13,654,506) - - Total 26,466,869 26,466,869 (25,976,836) (25,976,836) 490,033 490,033 Sahakarn Wisavakorn Company Limited, which is the Company’s subsidiary, and Hydrotek Public Company Limited agree that the subsidiary will be responsible for project execution of Hydrotek Sahakarn Joint Venture whereas Hydrotek Public Company Limited will not share any gain and loss as well as damage maybe arisen from this project. Later, on October 31On December 11, 2019, the Board of Directors’ Meeting No.2/2562 approve to cease the business operation. As at December 31, 2019 such subsidiary is under liquidation process. On March 10, 2016, the Meeting No. 3/2016 of the Company’s Board of Directors passed 10/2019 had a resolution to approve the closure Company entering into a joint venture agreement with Xsense Information Service Co.,Ltd. to conduct the business in providing research and development of inspection systems to government agencies,state enterprises and public education controlled through IOT system at the shareholding 50%. The registered date was on March 9, 2020 with the registered capital of Baht 1 million and the paid-up capital of Baht 0.25 million. The Company invested Baht 0.13 million. According to the agreement in the joint venture agreement, the Board of Directors of Olive Technology Co.,Ltd. consists of 5 directors - 3 from TRC Middle East LLC Construction (Public) Co.,Ltd. and 2 from Xsense Information Service Co.,Ltd. The meeting resolution on various matters has to receive majority votes of all directors. This means TRC Engineering LLCConstruction (Public) Co., Ltd. will have control over the operation of Olive Technology Co.,Ltd. Therefore, the Company considered the investments in Olive Technology Co.,Ltd. as a subsidiary. On December 31August 14, 20192020, these subsidiaries have been the Board of Subsidiary Directors’ Meeting No. 4/2020 had a resolution to approve the subsidiary in establishing 2 companies to operate E-Commerce business, information analysis and platform management. On November 23, 2020, Olive Technology Co.,Ltd. had conducted business in providing research services, development of inspection systems in government agencies, state enterprises and private sectors in the liquidation processcontrolled studies through IOT system by the establishment Mahat Co.,Ltd. with registered capital amounted Baht 1 million and had fully paid. The subsidiary had invested at the total amount of Baht 0.60 million or 60% in accordance with the agreement in the joint venture agreement. The Board of Directors of Mahat Co.,Ltd. would consist of 3 directors which 2 directors were appointed from subsidiary and 1director from joint venture. The resolution of the Board of Directors’ meeting on various matters required the majority votes of all directors that mean the subsidiary had the power to control the operations of Mahat Co.,Ltd. Therefore, the subsidiary had considered the investment in Mahat Co.,Ltd. as a subsidiary.