- 33 - Change in investments in joint ventures Entering into a share sale and purchase agreement of investments in joint ventures On August 17, 2021, the Board of Directors' Meeting of the PTTGC International Private Limited (“GC Inter”), a subsidiary of the Company, approved GC Inter to enter into a share sale and purchase agreement to sell shares of Emery Oleochemicals (M) Sdn. Bhd. (“EOM”) and Emery Specialty Chemicals Sdn. Bhd. (“ESC”) in which GC Inter holding 50% to Edenor Technology Sdn. Bhd. (“Edenor”). The share sale and purchase agreement has been signed on August 19, 2021. The divestment is conditional upon the business restructuring of the Group of EOM and ESC into separate standalone groups in respect of its Asia Pacific business and the North America and Europe business. After the restructuring, Asia Pacific business will remain under EOM and ESC, which will be divested to Edenor, while the business in North America and Europe will be transferred out from EOM and ESC to Emery Oleochemicals UK Limited which is to be held directly by GC Inter and Sime Darby Plantation Berhad on a 50:50 basis. Consequently, such aforementioned restructuring has completed on October 12, 2021. On November 1, 2021, the sale of shares in EOM and ESC to Edenor resulted to the loss from sale of investments in joint ventures recognised in the consolidated statements of profit or loss amounting to Baht 1,632.95 million. As a result, the Company has reversed the impairment loss on the investments in EOM at Baht 3,020.56 million, which has been previously recognised in the consolidated statements of profit or loss in the second quarter. GGC KTIS Bioindustrial Co., Ltd. On December 21, 2020 and during the year ended December 31, 2021, GGC KTIS Bioindustrial Company Limited (“GKBI”), an indirect joint venture of the Group, has called for paid-up capital from the capital increase totalling of Baht 262.88 million, from GGC Biochemicals Company Limited, of which fully received during the year ended December 31, 2021. During the year ended December 31, 2020, GKBI, an indirect joint venture of the Group, has called for paid-up capital from the capital increase of Baht 522.50 million from GGC Biochemicals Company Limited, of which fully received during the year ended December 31, 2020. Emery Oleochemicals UK Limited On October 12, 2021, PTTGC International Private Limited, a subsidiary, acquired 50% of shares of Emery Oleochemicals UK Limited from EOM and ESC, the previous shareholders. The acquisition of such shares is a business combination under common control of the subsidiary. The subsidiary paid for the share purchase totalling Pound Sterling 24 million or equivalent to Baht 1,055 million, which record as difference arising from business combination under common control in the consolidated statements of changes in shareholders’ equity and recorded the investment as cost of Baht 2,141 million. The investment is aligned with the business restructuring plan of the Group of EOM and ESC, and the Company's strategy that focusing on investment in high value business products. 11. INVESTMENTS IN ASSOCIATES Movements of investments in associates for the years ended December 31, were as follows: Unit : Million Baht Consolidated financial statements Separate financial statements 2021 2020 2021 2020 Associates As at January 1, 31,873 29,829 27,546 26,813 Acquisition 373 1,027 373 733 Disposal (23,733) - (22,753) - Share of profit of investments in associates 2,685 2,459 - - Share of other comprehensive income of investments in associates 280 34 - - Reversal of (allowance) for impairment 9 (9) - - Dividend income (976) (1,294) - - Effect from first-time adoption of new accounting policy - (173) - - As at December 31, 10,511 31,873 5,166 27,546 265 BUSINESS OPERATION AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL REPORTS AND FINANCIAL STATEMENTS APPENDIX
RkJQdWJsaXNoZXIy ODg4NTI=