PRINCIPAL ACTIVITIES

PRINCIPAL
ACTIVITIESInvesment Subsidiaries

* Not a legal requirement to be audited and therefore consolidated based on unaudited management accounts.

# Audited by firms other than Messrs. Crowe Horwath.

In accordance with the Memorandum of Articles of Association of NLT, one voting right is attached to every one ordinary share and one voting right is attached to every ten preferred shares. Based on existing total issued and paid-up share capital of NLT of 9,800 ordinary shares of THB 100 each and 10,200 preferred shares of THB 100 each, the total voting rights are 10,820 comprising 9,800 voting rights for ordinary shares and 1,020 voting rights for preferred shares. Success Transformer Corporation Berhad (“STC”) holds 9,800 ordinary shares which carry with them 9,800 voting rights or 90.6% of the total voting rights in NLT. As STC has control over NLT, the accounts of NLT is consolidated into the Group’s financial statements.

(b) During the financial year, substantial cost of investment in STM was written off due to lower recoverable amount arising from a waiver of debt given by STM to the Company. Thus, the net impact of investment cost