Common use of INVESTMENTS IN ASSOCIATE Clause in Contracts

INVESTMENTS IN ASSOCIATE. 14.1 Details of associate Investments in associate in the consolidated financial statements which use the equity method are as follows: In Thousand Baht Company's name Business type Country of registration Shareholding percentage (%) Paid-up capital (Thousand Baht) Carrying amounts based on equity method Allowance for loss on impairment of investment Carrying amounts based on equity method - net As at December 31, As at December 31, As at December 31, As at December 31, As at December 31, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Held by the Company TRC Utility Company Limited To produce and distribute tap water Thailand 40.00 - 31,250 - 9,506 - - - 9,506 - Held by TRC Investment Limited ASEAN Potash Chaiyaphum Public Company Limited Mining Industries Thailand 22.46 22.46 3,256,727 2,805,797 1,126,742 1,126,742 (1,126,742) (1,126,742) - - Held by TRC International Limited ASEAN Potash Chaiyaphum Public Company Limited Mining Industries Thailand 2.67 2.67 3,256,727 2,805,797 85,989 85,989 (85,989) (85,989) - - Total 1,222,237 1,212,731 (1,212,731) (1,212,731) 9,506 - Investments in associate in the separate financial statements which use the cost method are as follows: In Thousand Baht Company's name Business type Country of registration Shareholding percentage (%) Paid-up capital (Thousand Baht) Cost method Allowance for loss on impairment of investment Cost method- net As at December 31, As at December 31, As at December 31, As at December 31, As at December 31, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Held by the Company TRC Utility Company Limited To produce and distribute tap water Thailand 40.00 - 31,250 - 12,500 - - - 12,500 - Total 12,500 - - - 12,500 - ASEAN Potash Chaiyaphum Public Company Limited According to the concession application agreement between the associated company and the Department of Primary Industries and Mines, Ministry of Industry, in January 2015. The associated company was obligated to pay the special benefits in 8 installments amounting to Baht 433 million per installment with interest at the rate of 6.5% per annum, totaling Baht 569 million. It had started from 2018 and had an obligation to pay various fund payments every year throughout the concession certificate period. In addition, the associated company received a letter from the Chaiyaphum Provincial Industrial Office requesting payment of the installments 1 - 7 of the special benefits of totaling Baht 3,980 million, including a fine at the rate of 15% per annum within 90 days from the date of receipt of the letter which was due in January 2024, otherwise the concession certificate might be revoked in accordance with Section 128 of the Minerals Act B.E. 2560. According to the resolution of the Board of Directors’ Meeting No.3/2023 held on March 22, 2023, it had a resolution to approve the loan with TRC Investment Limited (subsidiary) and TRC International Limited (indirect subsidiary) in the total amount Baht 113.30 million to invest in the ordinary shares capital increase No.1/2023 of ASEAN Potash Chaiyaphum Public Company Limited for 4,509,300 shares at Baht 100 per share by the shareholding proportion in the associated company at 22.4535 percent and 2.6730 percent, respectively, and on May 29, 2023, the subsidiary and indirect subsidiary have paid for the shares in total amount of Baht 113.30 million in the full amount. According to the Extraordinary Shareholders’ Meeting No. 1/2023 held on November 27, 2023, it was resolved to approve the additional investment limit in capital increase ordinary shares in proportion to ASEAN Potash Chaiyaphum Public Company Limited not over Baht 4,020,240,000. The Company's subsidiary has recorded an allowance for impairment of investment in the full amount with the total value of Baht 1,474 million. Due to the associated company had significant uncertainty, such as the obligation to pay the special benefits which resulted in the risk of being revoked the concession certificate along with uncertainty in seeking additional funding to develop potash mining projects both in the part of the capital increase that had no progress in securing new investors from both the public and private sectors and/or obtaining credit from commercial banks. As a result, the associated company had problems with working capital resulting in the delay in the project development plan of the associated company. The Company had to recognize a large amount of many loss of associated company by the equity method in the consolidated operating results for consecutive years. It would be more recognized in the future from recording the fine from the associated company's failure to pay the special benefits required to be paid every year. Although the Company's management had recorded full provision for loss for assets related to the associated company's potash mining project, the Company continued to have the duty and responsibility to do the best to restore the value of those assets as much as possible. In the future, if the values of those assets are restored, the Company will then be able to reverse the excess loss reserve and can recognize the future profits to compensate for the loss from such reserves. As at December 31, 2023, the associated company was still unable to settle payment for the special state benefits to the Department of Primary Industries and Mines and local government organizations, installment 1 - 7 of Baht 3,980 million, including the penalty fee at the rate of 15% per annum as the associated company is in the process of procuring additional funding sources in term of both calling for capital increase from the existing shareholders of the associated company and recruiting the new potential investors. The associated company has suspended the mine construction project temporary. And during the year 2022, the associated company had been sued from the parties on the breach of agreement by claiming compensation for damages and interest with the capital amount Baht 3,971 million. Which is under consideration of the Court and associated company was still unable to comply with the conditions attached to the concession certificate regarding the remittance to the fund and the delivery to the Department of Primary Industries and Mines and local government organizations and the communities located in the concession areas amount Baht 550 million. The management of the associated company has recorded the provisions in the full amount.

INVESTMENTS IN ASSOCIATE. 14.1 Details of associate Investments in associate in the consolidated financial statements which use the equity method are as follows: In Thousand Baht Country of Carrying amounts based on Allowance for loss Carrying amounts based on Company's name Business type Country of registration Shareholding percentage (%) Paid-up capital (Thousand Baht) Carrying amounts based on equity method Allowance for loss on impairment of investment Carrying amounts based on equity method - net As at December 31, As at December 31, As at December 31, As at December 31, As at December 31, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Held by the Company TRC Utility distribution Mining Industries Thailand 22.46 22.46 2,805,797 2,805,797 1,126,742 1,126,742 (1,126,742) (1,126,742) - - Mining Industries Thailand 2.67 2.67 2,805,797 2,805,797 85,989 85,989 (85,989) (85,989) - - 1,238,106 1,212,731 (1,212,731) (1,212,731) 25,375 - At Energy Solution Company Limited To produce Energy production and distribute tap water Thailand 40.00 - 31,250 - 9,506 - - - 9,506 - Held by TRC Investment Limited ASEAN Potash Chaiyaphum Public Company Limited Mining Industries Thailand 22.46 22.46 3,256,727 2,805,797 1,126,742 1,126,742 (1,126,742) (1,126,742) - - Held by TRC International Limited ASEAN Potash Chaiyaphum Public Company Limited Mining Industries Total Thailand 2.67 2.67 3,256,727 2,805,797 85,989 85,989 (85,989) (85,989) 50.00 - 50,750 - 25,375 - - Total 1,222,237 1,212,731 (1,212,731) (1,212,731) 9,506 - 25,375 - Investments in associate in the separate financial statements which use the cost method are as follows: Country of In Thousand Baht Company's name Business type Country of registration Shareholding percentage (%) Paid-up capital (Thousand Baht) Cost method Allowance for loss on impairment of investment Cost method- method - net As at December 31, As at December 31, As at December 31, As at December 31, As at December 31, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Held by the Company TRC Utility 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 At Energy Solution Company Limited To produce Energy production and distribute tap water distribution Thailand 40.00 50.00 - 31,250 50,750 - 12,500 25,375 - - - 12,500 25,375 - Total 12,500 25,375 - - - 12,500 25,375 - ASEAN Potash Chaiyaphum Public Company Limited According to the concession application agreement between the associated company and the Department of Primary Industries and MinesOlive Technology Co.,Ltd. On December 11, Ministry of Industry2019, in January 2015. The associated company was obligated to pay the special benefits in 8 installments amounting to Baht 433 million per installment with interest at the rate of 6.5% per annum, totaling Baht 569 million. It had started from 2018 and had an obligation to pay various fund payments every year throughout the concession certificate period. In addition, the associated company received a letter from the Chaiyaphum Provincial Industrial Office requesting payment of the installments 1 - 7 of the special benefits of totaling Baht 3,980 million, including a fine at the rate of 15% per annum within 90 days from the date of receipt of the letter which was due in January 2024, otherwise the concession certificate might be revoked in accordance with Section 128 of the Minerals Act B.E. 2560. According to the resolution of the Board of Directors’ Meeting No.3/2023 held on March 22, 2023, it No. 10/2019 had a resolution to approve the loan Company entered into a joint venture agreement with TRC Investment Limited (subsidiary) Xsense Information Service Co.,Ltd. to conduct the business in providing research and TRC International Limited (indirect subsidiary) in the total amount Baht 113.30 million to invest in the ordinary shares capital increase No.1/2023 development of ASEAN Potash Chaiyaphum Public Company Limited for 4,509,300 shares at Baht 100 per share by the shareholding proportion in the associated company at 22.4535 percent and 2.6730 percent, respectively, and on May 29, 2023, the subsidiary and indirect subsidiary have paid for the shares in total amount of Baht 113.30 million in the full amount. According to the Extraordinary Shareholders’ Meeting No. 1/2023 held on November 27, 2023, it was resolved to approve the additional investment limit in capital increase ordinary shares in proportion to ASEAN Potash Chaiyaphum Public Company Limited not over Baht 4,020,240,000. The Company's subsidiary has recorded an allowance for impairment of investment in the full amount with the total value of Baht 1,474 million. Due to the associated company had significant uncertainty, such as the obligation to pay the special benefits which resulted in the risk of being revoked the concession certificate along with uncertainty in seeking additional funding to develop potash mining projects both in the part of the capital increase that had no progress in securing new investors from both the public and private sectors and/or obtaining credit from commercial banks. As a result, the associated company had problems with working capital resulting in the delay in the project development plan of the associated company. The Company had to recognize a large amount of many loss of associated company by the equity method in the consolidated operating results for consecutive yearsinspection systems controlled through IOT system. It would be more recognized in the future from recording the fine from the associated company's failure to pay the special benefits required to be paid every year. Although the Company's management had recorded full provision for loss for assets related to the associated company's potash mining project, the Company continued to have the duty and responsibility to do the best to restore the value of those assets as much as possible. In the future, if the values of those assets are restored, the Company will then be able to reverse the excess loss reserve and can recognize the future profits to compensate for the loss from such reserves. As at December 31, 2023, the associated company was still unable to settle payment for the special state benefits to the Department of Primary Industries and Mines and local government organizations, installment 1 - 7 of Baht 3,980 million, including the penalty fee at the rate of 15% per annum as the associated company is currently in the process of procuring additional funding sources in term of both calling for capital increase from establishing the existing shareholders of the associated company and recruiting the new potential investors. The associated company has suspended the mine construction project temporary. And during the year 2022, the associated company had been sued from the parties on the breach of agreement by claiming compensation for damages and interest with the capital amount Baht 3,971 million. Which is under consideration of the Court and associated company was still unable to comply with the conditions attached to the concession certificate regarding the remittance to the fund and the delivery to the Department of Primary Industries and Mines and local government organizations and the communities located in the concession areas amount Baht 550 million. The management of the associated company has recorded the provisions in the full amountregistration.

INVESTMENTS IN ASSOCIATE. 14.1 11.1 Details of associate Investments in associate in the consolidated financial statements which use the equity method are as follows: In Thousand Baht Company's name Business type Nature of business Country of registration incorporation Consolidated Financial Statements Shareholding percentage (%) Paid-up capital Cost (In Thousand Baht) Carrying amounts based on equity method Allowance for loss on impairment of investment Carrying amounts based on equity method - net As at December 31, As at December 31, As at December 31, As at December 31, As at December 31, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 (In Thousand Baht) Held by the Company TRC Utility AT Energy Solution Company Energy production and Thailand 50.00 50.00 100,000 25,375 98,404 25,375 Limited To produce and distribute tap water Thailand 40.00 - 31,250 - 9,506 - - - 9,506 - distribution Held by TRC Investment Limited ASEAN Potash Chaiyaphum Public Company Limited Mining Industries Thailand 22.46 22.46 3,256,727 2,805,797 1,261,274 1,261,274 1,126,742 1,126,742 (1,126,742) (1,126,742) - - Public Company Limited Held by TRC International Limited ASEAN Potash Chaiyaphum Public Company Limited Mining Industries Thailand 2.67 2.67 3,256,727 2,805,797 100,000 100,000 85,989 85,989 Public Company Limited As at March 31, 2020 As at December 31, 2019 As at March 31, 2020 As at December 31, 2019 As at March 31, 2020 As at December 31, 2019 Total 1,461,274 1,386,649 1,311,135 1,238,106 Less : Allowance for loss on impairment of investment (85,9891,361,274) (85,9891,361,274) - - Total 1,222,237 1,212,731 (1,212,731) (1,212,731) 9,506 Total investment in associate - net 100,00 25,375 98,404 25,375 Investments in associate in the separate financial statements which use the cost method are as follows: In Thousand Baht Separate Financial Statements Company's name Business type Nature of business Country of registration incorporation Shareholding percentage (%) Paid-up capital Cost (In Thousand Baht) Cost method Allowance for loss on impairment of investment Cost method- net As at March 31, 2020 As at December 31, 2019 As at March 31, 2020 As at December 31, As at December 31, As at December 31, As at December 31, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2019 Held by the Company TRC Utility AT Energy Solution Company Limited To produce Energy production and distribute tap water distribution Thailand 40.00 - 31,250 - 12,500 - - - 12,500 - 50.00 50.00 100,000 25,375 Total 12,500 - - - 12,500 - ASEAN Potash Chaiyaphum Public 100,000 25,375 AT Energy Solution Company Limited According to the concession application agreement between the associated company and the Department of Primary Industries and MinesOn August 14, Ministry of Industry2019, in January 2015. The associated company was obligated to pay the special benefits in 8 installments amounting to Baht 433 million per installment with interest at the rate of 6.5% per annum, totaling Baht 569 million. It had started from 2018 and had an obligation to pay various fund payments every year throughout the concession certificate period. In addition, the associated company received a letter from the Chaiyaphum Provincial Industrial Office requesting payment of the installments 1 - 7 of the special benefits of totaling Baht 3,980 million, including a fine at the rate of 15% per annum within 90 days from the date of receipt of the letter which was due in January 2024, otherwise the concession certificate might be revoked in accordance with Section 128 of the Minerals Act B.E. 2560. According to the resolution of the Board of Directors’ Meeting No.3/2023 held on March 22, 2023, it No.8/2019 had a resolution for the company to approve sign the loan joint venture agreement with Asia Green Energy (Public) Co.,Ltd. and Appliance Technology Supply Co.,Ltd. to operate the energy production and distribution business at the shareholding 45%, 45%, 10%, respectively. The registered date was on August 14, 2019 with the registered capital of Baht 1 million. The Company invested Baht 449,900. On October 27, 2019, Appliance Technology Supply Co.,Ltd intended to sell all of the shares to the former joint investor : TRC Investment Limited Construction (subsidiaryPublic) Co.,Ltd. and TRC International Limited Asia Green Energy (indirect subsidiaryPublic) Co.,Ltd. On November 27, 2019, AT Energy Solution Co.,Ltd. had increased its registered capital from Baht 1 million to Baht 200 million with the paid-up capital Baht 50.75 million. The Company invested in the total amount of Baht 113.30 million to invest in 25.38 million. On January 14, 2020, AT Energy Solution Co.,Ltd. had called for the ordinary shares payment of the remaining capital increase No.1/2023 of ASEAN Potash Chaiyaphum Public Company Limited shares, resulting in an investment AT Energy Solution Co.,Ltd. for 4,509,300 99,999 shares at Baht 100 per share by the 99,999,900 or shareholding proportion in the associated company at 22.4535 percent and 2.6730 percent, respectively, and on May 29, 2023, the subsidiary and indirect subsidiary have paid for the shares in total amount of Baht 113.30 million in the full amount50%. According to the Extraordinary Shareholders’ Meeting Noagreement in the joint venture agreement, the Board of Directors of AT Energy Solution Co.,Ltd. 1/2023 held on November 27, 2023, it was resolved to approve the additional investment limit in capital increase ordinary shares in proportion to ASEAN Potash Chaiyaphum Public Company Limited not over Baht 4,020,240,000consists of 4 directors appointed 2 from TRC Construction (Public) Co.,Ltd. and 2 from Asia Green Energy (Public) Co.,Ltd. The Company's subsidiary has recorded an allowance for impairment meeting resolution requires to receive the majority votes of investment in the full amount with the total value of Baht 1,474 millionall directors. Due to the associated company had significant uncertaintyAt least, such as the obligation to pay the special benefits which resulted in the risk of being revoked the concession certificate along with uncertainty in seeking additional funding to develop potash mining projects both in the part of the capital increase that had no progress in securing new investors from both the public and private sectors and/or obtaining credit from commercial banks. As a result, the associated company had problems with working capital resulting in the delay in the project development plan of the associated company. The Company had to recognize a large amount of many loss of associated company by the equity method in the consolidated operating results for consecutive years. It would consent votes must be more recognized in the future from recording the fine received from the associated company's failure to pay the special benefits required to be paid every yeardirectors of TRC Construction (Public) Co.,Ltd. Although the Company's management had recorded full provision for loss for assets related to the associated company's potash mining projectand directors of Asia Green (Public) Co.,Ltd. at least 1 director from each side. Therefore, the Company continued to have considered the duty and responsibility to do the best to restore the value of those assets investments in AT Energy Solution Co.,Ltd. as much as possible. In the future, if the values of those assets are restored, the Company will then be able to reverse the excess loss reserve and can recognize the future profits to compensate for the loss from such reserves. As at December 31, 2023, the associated company was still unable to settle payment for the special state benefits to the Department of Primary Industries and Mines and local government organizations, installment 1 - 7 of Baht 3,980 million, including the penalty fee at the rate of 15% per annum as the associated company is in the process of procuring additional funding sources in term of both calling for capital increase from the existing shareholders of the associated company and recruiting the new potential investors. The associated company has suspended the mine construction project temporary. And during the year 2022, the associated company had been sued from the parties on the breach of agreement by claiming compensation for damages and interest with the capital amount Baht 3,971 million. Which is under consideration of the Court and associated company was still unable to comply with the conditions attached to the concession certificate regarding the remittance to the fund and the delivery to the Department of Primary Industries and Mines and local government organizations and the communities located in the concession areas amount Baht 550 million. The management of the associated company has recorded the provisions in the full amountan associate.

INVESTMENTS IN ASSOCIATE. 14.1 10.1 Details of associate Investments in associate in the consolidated financial statements which use the equity method are as follows: In Thousand Baht Company's name Business type Country of registration Consolidated Financial Statements Shareholding percentage (%) Paid-up capital Cost (In Thousand Baht) Carrying amounts based on equity method Allowance for loss on impairment Company's name Nature of investment Carrying amounts based on equity method business incorporation (In Thousand Baht) Thailand 45.00 - net 450 - 450 - Thailand 22.46 22.46 1,261,274 1,261,274 1,126,742 1,126,742 Thailand 2.67 2.67 100,000 100,000 85,989 85,989 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, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Held by the Company TRC Utility At Energy Solution Company Limited To produce Energy production and distribute tap water Thailand 40.00 - 31,250 - 9,506 - - - 9,506 - distribution 30, 2019 31, 2018 30, 2019 31, 2018 30, 2019 31, 2018 Held by TRC Investment Limited ASEAN Potash Chaiyaphum Public Company Limited Mining Industries Thailand 22.46 22.46 3,256,727 2,805,797 1,126,742 1,126,742 (1,126,742) (1,126,742) - - Held by TRC International Limited ASEAN Potash Chaiyaphum Mining Industries Public Company Limited Mining Industries Thailand 2.67 2.67 3,256,727 2,805,797 85,989 85,989 (85,989) (85,989) - - Total 1,222,237 1,361,724 1,361,274 1,213,181 1,212,731 (1,212,731) (1,212,731) 9,506 - Investments in associate in the separate financial statements which use the cost method are as followsLess : In Thousand Baht Company's name Business type Country of registration Shareholding percentage (%) Paid-up capital (Thousand Baht) Cost method Allowance for loss on impairment of investment (1,361,274) (1,361,274) (1,212,731) (1,212,731) Total investment in associate - net 450 - 450 - Country of Separate financial statements Company's name Nature of business incorporation Shareholding percentage (%) Cost method- net (In Thousand Baht) As at September 30, 2019 As at December 31, 2018 As at September 30, 2019 As at December 31, As at December 31, As at December 31, As at December 31, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Held by the Company TRC Utility 2018 AT Energy Solution Company Limited To produce Energy production and distribute tap water distribution Thailand 40.00 45.00 - 31,250 - 12,500 - - - 12,500 450 - Total 12,500 450 - - - 12,500 - ASEAN Potash Chaiyaphum Public On August 14, 2019, the Board of Directors’ Meeting No.8/2562 had a resolution to approve the company in signing the joint-venture agreement with Asia Green Energy ( Public) Company Limited According and Appliance Technology Supply Co., Ltd. to operate energy production and distribution business which represents 45%, 45% and 10% shareholding, respectively. The Company was registered and established on August 14, 2019 with the registered capital Baht 1 million. The investment amount is Baht 449,900. In accordance with the concession application agreement between the associated company and agreements with the Department of Primary Industries and Mines, Ministry of Industry, in January 2015. The associated company was obligated , the associate has an obligations to pay the a special state benefits for concession in 8 installments amounting to equal installments, each of Baht 433 million per installment with plus interest at the rate of 6.5% per annum, totaling or a total of Baht 569 million, commencing from 2018. It had started from 2018 and had an obligation The associate is also committed to pay various fund payments every funds each year throughout the concession certificate period. In addition, the associated company The associate received a demand letter from the Chaiyaphum Provincial Industrial Industry Office requesting payment to pay the first installment of the installments 1 - 7 of the special state benefits of totaling Baht 3,980 569 million, including together with a fine at the rate of 15% per annum annum, within 90 days from the receipt date of receipt of the letter which was is due in January 2024, otherwise August 2018. Otherwise the concession certificate might license may be revoked in accordance with Section 128 of the Minerals Act B.E. 2560. According In April 2018, the associate approved the first increase of paid up capital for not exceeding 29 million ordinary shares which will be allocated to the resolution existing shareholders at the offering price of Baht 68.43 per share. The period for subscription and settlement was by the end of July 2018. Upon the ending of the period for new shares subscription and settlement, none of the shareholders subscribed for the new shares. Such associate is still unable to pay the special state benefit No.1 under the special benefit agreement as it is in the process to secure the funding from the capital increase from the shareholders and/or applying for credit approval from commercial banks. In November 2018, an associate was informed to make the payment of the 2nd installment of special state benefit of Baht 569 million within January 15, 2019. In case of overdue, the Company has to pay the fine at 15% per annum of the special state benefit. Presently, the Company still cannot comply with the agreement to pay special state benefits. On April 26, 2019, the Annual General Shareholders’ Meeting 2019 of the associate company approved for the amendment of a share offering price from Baht 68.43 per share to Baht 15.00 per share and offer approval for called up ordinary share No.1 in the amount by allotment not over 35 million by sale offering to the existing shareholders at a ratio of 4 existing shares to 5 new shares at the offering price of Baht 15.00 per share or totaling by Baht 526 million and period for order reservation and settlement during May 27 - 31 and June 3 - 7, 2019. On June 4, 2019, Board of Directors’ Meeting No.3/2023 held on March 22, 2023, it No. 2/2019 of the associate company had a resolution to approve extend the loan with TRC Investment Limited (subsidiary) subscription period and TRC International Limited (indirect subsidiary) in payment of the total amount Baht 113.30 million to invest in the ordinary shares capital increase No.1/2023 shares from May 27 - 31 and June 3 - 7, 2019 to May 27 - 31 and June 4 - August 5, 2019. Upon the ending of ASEAN Potash Chaiyaphum Public Company Limited the period for 4,509,300 new shares at Baht 100 per share by the shareholding proportion in the associated company at 22.4535 percent subscribing and 2.6730 percentsettlement during May 27 - 31 and June 4 - August 5, respectively2019, and on May 29, 2023, the subsidiary and indirect subsidiary it appears that five shareholders have paid for the shares share capital increase in total the amount of Baht 113.30 million 18.38 million. However, the amount of payment for the ordinary share capital increase from the allocation of this ordinary share capital increase did not follow the operation plan set forth. As a result, the Company cannot continue its operation in accordance with the plan. The Company has refunded the payment amount for the ordinary share capital increase back to the shareholders on September 9, 2019. On February 12, 2019, the meeting No. 3/2019 of the Company’s Executive Committee passed its resolution not to involve in any further investment in the full amount. According associate, including not to be awarded any construction services from the Extraordinary Shareholders’ Meeting No. 1/2023 held on November 27, 2023, it was resolved to approve associate unless there will be the additional investment limit in capital increase ordinary shares in proportion to ASEAN Potash Chaiyaphum Public Company Limited not over Baht 4,020,240,000promising source of funds for its project development. The Company's subsidiary has recorded an Committee also approved the subsidiaries’ recording of a full allowance for impairment of investment in its investment, amounting to Baht 1,361 million, since the full amount with the total value of Baht 1,474 million. Due to the associated company had significant uncertaintyassociate situation contains various uncertainties, such as the obligation to pay two installments of the special state benefits for concession which resulted in may cause the risk revocation of being revoked the concession certificate along with concession. There is also the uncertainty in seeking additional funding to develop acquire the source of funds for potash mining projects project development both in the part aspect of the capital increase that had investment which there is no progress made in securing finding new investors from investors, both the public government and private sectors and/or obtaining sector, and in the aspect of credit facilities approval from the commercial banks. As a resultConsequently, causing the financial liquidity problem to the associate which delay the progress of its project. In addition, the associated company Company has had problems with working capital resulting in the delay in the project development plan to recognise substantial losses of the associated company. The Company had to recognize a large amount of many loss of associated company by associate under the equity method in the consolidated operating results for several consecutive years. It would be more recognized Moreover, the amounts of the losses recognised will increase in the future from recording because of the fine from recognition of fines imposed due to the associated company's failure associate’s inability to make payment of the special state benefits that it is required to pay the special benefits required to be paid every each year. Although Furthermore, the Company's management had recorded associate’s current liabilities substantially exceeded its current assets. Even though the Company has set up a full provision for loss for on assets related to the associated company's potash mining projectPotash Mining Project, the Company continued to have the it still has a duty and responsibility to do the use its best efforts to restore recover the value of those assets as much as possibleassets. In If, in the future, if the values value of those the assets are restoredis recovered, the Company will then may be able to reverse the excess loss reserve provision and can recognize recognise profit in the future profits to compensate for the loss losses from such reserves. As at December 31, 2023, the associated company was still unable to settle payment for the special state benefits to the Department of Primary Industries and Mines and local government organizations, installment 1 - 7 of Baht 3,980 million, including the penalty fee at the rate of 15% per annum as the associated company is provisions set aside in the process of procuring additional funding sources in term of both calling for capital increase from the existing shareholders of the associated company and recruiting the new potential investors. The associated company has suspended the mine construction project temporary. And during the year 2022, the associated company had been sued from the parties on the breach of agreement by claiming compensation for damages and interest with the capital amount Baht 3,971 million. Which is under consideration of the Court and associated company was still unable to comply with the conditions attached to the concession certificate regarding the remittance to the fund and the delivery to the Department of Primary Industries and Mines and local government organizations and the communities located in the concession areas amount Baht 550 million. The management of the associated company has recorded the provisions in the full amountcurrent year.