PTT Global Chemical Public Company Limited and its Subsidiaries For the year ended 31 December 2023 PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2023 47 PT. GCM Marketing Solutions Indonesia On 21 June 2022, GC Marketing Solutions Co., Ltd. (“GCM”), a subsidiary of the Company, has exercised the call option, approved in the Board of Directors’ Meeting of the subsidiary held on 20 June 2022 for acquisition of the 33% ordinary shares in PT. GCM Marketing Solutions Indonesia (“GCM Indonesia”) from PT. Cipta Aneka Air at IDR 3,300 million or equivalent to Baht 8.52 million. As a result, GCM’s shareholding interest in GCM Indonesia increased from 67% to 100%. GCM has signed a share sale and purchase agreement and completed the share payment on 30 September 2022. The Group recognised a decrease in non-controlling interest of Baht 36.08 million, difference arising from the change in the ownership interest in an investment of Baht 28.61 million, and a decrease in the translation reserve of Baht 1.04 million attributable to owners of the Group of changes in the Group’s ownership interests in GCM Indonesia. Solution Creation Co., Ltd. On 23 January 2023, at the Extraordinary General Meeting of shareholders of Solution Creation Co., Ltd., a subsidiary of the Company, approved a reduction of the subsidiary’s registered share capital and distributed capital to the Company amounting to Baht 31.87 million. The subsidiary completed the reduction of its registered share capital with Department of Business Development, Ministry of Commerce on 4 April 2023. On 25 November 2022, at the Extraordinary General Meeting of shareholders of Solution Creation Co., Ltd. (“SUN”), a subsidiary of the Company, approved a reduction of SUN’s registered share capital of Baht 613.88 million. The reduction of issued and paid-up share capital has been offset with a deficit in retained earnings of SUN totalling Baht 37.72 million and distributed remaining capital to the Company amounting to Baht 576.16 million. The Company recognised a loss from capital return amounting to Baht 37.72 million in its separate statement of income. As at 31 December 2022, SUN is in the process of registering the reduction of its registered capital with Department of Business Development, Ministry of Commerce. Subsequently, SUN completed the reduction of its registered share capital on 19 January 2023. GC Logistics Solutions Co., Ltd. On 20 November 2023, at the Board of Directors’ Meeting of the Company approved the Company to sell ordinary shares in GC Logistics Solutions Co., Ltd. (“GCL”), a subsidiary of the Company, to WHA Venture Holding Company Limited (“WHAVH”) in the proportion of 50% of the ordinary shares of GCL or equivalent to Baht 2,640 million for the purpose of restructuring of shareholding interest in the logistics business for the Company’s polymer business. The Company has entered into a share sale and purchase agreement and completed the sales of ordinary shares in GCL to WHAVH on 20 December 2023, with gain from sale of investment in a subsidiary recognised in the consolidated and separate statements of income amounting to Baht 1,574.35 million and Baht 1,820.70 million, respectively. As a result, the Company’s shareholding interest in GCL decreased from 100% before the sale of shares to 50% after the sale of shares. The Company has reclassified the remaining investment in GCL to investment in joint venture and recognised a gain from change in ownership interest in subsidiary in the consolidated statement of income amounting to Baht 2,443.35 million. Thai Tank Terminal Limited On 16 September 2022, at the Extraordinary General Meeting of shareholders of Thai Tank Terminal Limited (“TTT”), a subsidiary of the Company, approved an increase of TTT’s registered share capital and proposed to sell new shares to Gulf Energy Development Public Company Limited (“Gulf”) representing 28.57% of the ordinary shares of TTT or equivalent to Baht 2,059.20 million. The Company has signed a share subscription and shareholders agreement with Vopak Holding International B.V., Gulf, and TTT on 19 September 2022 for the purpose of restructuring of shareholding interest in TTT. The share payment was completed by Gulf on 7 December 2022. As a result, the Company’s shareholding interest in TTT decreased from 51% before restructuring to 36.43% after restructuring. 291 PTT GLOBAL CHEMICAL PUBLIC COMPANY LIMITED Form 56-1 One Report 2023
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