Page 268 - BTSGroup ONE REPORT 2021/22_EN
P. 268
266 l Introduction l Nature of Business l Organisation and Shareholding Structure l Business Review l Corporate Governance l Financial Statements l Other Information l
(Unit: Thousand Baht)
Carrying amount
Current assets 155,207
Non-current assets 15,809
Current liabilities (133,610)
Non-current liabilities (10,728)
Net assets of the associate 26,678
Shareholding percentage (%) 25
Share of net assets of the associate 6,670
Estimated amount by which costs of the acquisition of investment in the associate exceed net assets of the associate 354,268
Cost of the acquisition of investment in the associate 360,938
14.8 Turtle 23 Company Limited Subsequently, on 14 December 2021, Kingkaew entered into the
During the year, the Extraordinary General Meeting of shareholders of a Amendment to Share Purchase Agreements to sell its investments in
subsidiary passed a resolution to approve a Baht 354 million increase MJP to extend the payment term of the remaining purchase price from
in its registered capital, from the existing registered capital of Baht 350 December 2021 to March 2022 and amend the total purchase price
million to Baht 704 million, by issuing 3,540,000 new ordinary shares from Baht 2,057 million to Baht 2,087million. Kingkaew has received an
with a par value of Baht 100 each. The Company acquired all additional additional deposit of Baht 104 million in December 2021.
ordinary shares of the subsidiary, and as a result, its shareholding in
the subsidiary is unchanged at 100%. During the current year, Kingkaew transferred all of its investment in FTD
and MJP with all promissory notes issued by FTD and MJP to Kingkaew,
14.9 Future Domain Company Limited (“FTD”) and Majestic Park to that company. However, on that date, U City Public Company Limited
Company Limited (“MJP”) (held by Kingkaew Asset Company (“U City”) exercised its right under the Option Agreement between
Limited (“Kingkaew”)) U City and that company in order to acquire ordinary shares of FTD and
On 20 November 2020, Kingkaew entered into the Share Purchase MJP equivalent to 50% of FTD and MJP’s paid-up capital and received
Agreements to sell its investments in two subsidiaries (FTD and MJP), a transfer of promissory notes equal to 50% of the total value of the
which is engaged in land holding and owns land located in an area promissory notes issued by FTD and MJP.
close to community resources and shopping centers to an unrelated
company for a total consideration of Baht 4,356 million (consisting of The Group recognised gain from sale of investments amounting to Baht
FTD amounting to Baht 2,299 million and MJP amounting to Baht 2,057 301 million in the consolidated statement of comprehensive income for
million). Kingkaew has received a deposit of Baht 412 million (consisting year ended 31 March 2022.
of FTD amounting to Baht 220 million and MJP amounting to Baht 192
million) and the remaining amount is to be received within June and
December 2021.
