- 37 - Immaterial associates The summarised financial information for the Group’s interest in immaterial associates based on the amounts reported in the Group’s consolidated financial statements: Unit : Million Baht Immaterial associates 2021 2020 For the years ended December 31, Carrying amount of interests in immaterial associates 10,511 8,495 Group’s share of: - Profit for the year 2,685 691 - Other comprehensive income (loss) 279 (45) - Total comprehensive income for the year 2,964 646 Change in investment in associates Sale of an investment and disposal of shareholding in Global Power Synergy Public Company Limited At the Board of Directors’ Meeting of the Company held on April 22, 2021, the Board approved the Company to sell ordinary shares in Global Power Synergy Public Company Limited (“GPSC”) at par value of Baht 10 per share to PTT Public Company Limited (“PTT”) in the number of 305,000,000 shares, which is equivalent to 10.82% of the total issued and paid-up shares of GPSC and Siam Management Holding Company Limited (“SMH”), a juristic person with PTT holding 100%, in the number of 53,936,756 shares, which is equivalent to 1.91% of the total issued and paid-up shares of GPSC, totalling 358,936,756 shares, which is equivalent to 12.73% of the total issued and paid-up shares of GPSC, at Baht 70.0 per share (after adjusted the dividend paid in April 2021) in the total amount of approximately Baht 25,126 million. However, such amount may be adjusted to reflect the effect from dividend payment of GPSC and income tax of the relevant parties associated with the dividend payment (if any), but not exceeding Baht 30 million, and approved that the Company to enter into a share sale and purchase agreement with both PTT and SMH. At the Extraordinary Shareholders Meeting No. 1/2021 of the Company held on June 7, 2021, the meeting approved the Company to perform such transactions. The Company has completed the sale of ordinary shares in GPSC to PTT and SMH on June 8, 2021, with gain from sale of investment in an associate recognised in the consolidated and separate statements of profit or loss amounting to Baht 11,834 million and Baht 12,383 million, respectively. As a result, the Company's shareholding interest in GPSC decreased from approximately 22.73% before the sale of shares to 10.00% after the sale of shares. The Company has reclassified the remaining investment of 10.00% in GPSC to noncurrent 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 consolidated and separate statements of profit or loss amounting to Baht 10,565 million and Baht 10,997 million, respectively (see Note 32). Kuraray GC Advanced Materials Co., Ltd. During the year ended December 31, 2021, Kuraray GC Advanced Materials Co., Ltd., a direct associate of the Group, has called for paid-up capital from the capital increase of 3,734,120 shares at Baht 100 per share, totalling Baht 373.41 million, of which fully received during the year ended December 31, 2021. On December 25, 2019 and during the year ended December 31, 2020, Kuraray GC Advanced Materials Co., Ltd., a direct associate of the Group, has called for paid-up capital from the capital increase of 7,331,300 shares at Baht 100 per share, totalling Baht 733.13 million, of which fully received during the year ended December 31, 2020. 269 BUSINESS OPERATION AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL REPORTS AND FINANCIAL STATEMENTS APPENDIX
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