Notes to the Financial Statements PTT Global Chemical Public Company Limited and its Subsidiaries Notes to the financial statements For the year ended 31 December 2023 56 Vinythai Plc. On 1 March 2022, the Company completed the tender offer for all the securities of VNT. Under the offer, the Company acquired 151,149,415 VNT shares, equivalent to 12.75% of VNT’s issued and paidup share capital with the tender offer price at Baht 39 per share, in the total amount of Baht 5,894.83 million. As a result, the Company's shareholding interest in VNT increased from 24.98% to 37.73% of the issued and paid-up share capital. On 12 March 2022, the Board of Governors of the SET has also delisted the securities of VNT from being listed on the SET. On 11 April 2022, at the Extraordinary General Meeting of Shareholders of VNT, the amalgamation between VNT and AGC Chemical (Thailand) Co., Ltd. (“AGC-TH”), a subsidiary of AGC Inc., was approved by 99.8975% and disapproved by 0.1024% (equivalent to 1,205,517 shares). The Company offered to purchase the remaining VNT shares from the dissenting shareholders at the offer price of Baht 39 per share, which is the same price as the price offered by the Company for the delisting tender offer of VNT from being listed on the SET. Consequently, the Company acquired a further 995,017 VNT shares, in the amount of Baht 38.81 million. The shares purchase was completed on 3 May 2022, resulting in the Company’s shareholding interest in VNT increased from 37.73% to 37.82%. The amalgamation between VNT and AGC-TH to form a new company, AGC Vinythai Plc. (“AVT”) was completed on 1 July 2022. After the amalgamation and related share allocation of AVT, the Company holds 27.32% of the ordinary share of AVT. AGC Vinythai Plc. On 15 December 2022, at the Extraordinary General Meeting of Shareholders of AGC Vinythai Plc. (“AVT”) approved the allocation of new ordinary shares to the Company by way of private placement, totalling Baht 2,143.89 million. Subsequent to the transaction, the Company’s shareholding interest in AVT increased from 27.32% to 32.72%. The amount of share subscription was fully paid in December 2022. The Group recognised any excess of the net fair value of identifiable net assets over the cost of the investment as income in the determination of share of profit of associates accounted for using equity method amounting to Baht 938.55 million. Eastern Fluid Transport Co., Ltd. On 7 December 2022, Thai Tank Terminal Limited (“TTT”), a subsidiary of the Company, has completed the restructuring of the new shareholding interest, by the approval of the Extraordinary General Meeting of shareholders of TTT held on 16 September 2022. Consequently, the Company’s shareholding interest in Eastern Fluid Transport Co., Ltd. (“EFT”) decreased from 22.65% before restructuring to 15% after restructuring. The Company has reclassified the remaining investment in EFT to non-current investment in financial assets measured at fair value through other comprehensive income in which gain on remeasurement of fair value at the date of investment reclassification was presented as part of investment income in the separate statement of income amounting to Baht 8.82 million. Thai Eastern Top Seeds Oil Co., Ltd On 13 January 2022, Global Green Chemicals Plc. (“GGC”), a subsidiary of the Company, has completed the sales of shares in Thai Eastern Top Seeds Oil Co., Ltd., an indirect associate, in which GGC held 30% of authorised and paid-up share capital, by the approval of the Board of Directors’ Meeting of GGC held on 15 September 2021, to a company for a consideration of Baht 1. PTT Energy Solutions Co., Ltd. On 29 December 2022, PTT Energy Solutions Co., Ltd., a direct associate of the Group, registered to dissolve the business with Department of Business Development, Ministry of Commerce. As at 31 December 2023, the associate is in the liquidation process. 300
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