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 46 PTTGC America Corporation During the year ended 31 December 2023, PTTGC America Corporation (“GCA Corp.”), a subsidiary of the Company, has called for an increase in paid-up capital approved in the Board of Directors’ Meetings of the subsidiary held on 9 May 2023 and 1 September 2023 totalling USD 3.84 million or equivalent to Baht 134.66 million. The amount was fully paid during the year ended 31 December 2023. The subsidiary has utilised the investment totalling USD 3.18 million or equivalent to Baht 111.17 million for the purpose of US Petrochemical Complex Project and utilised the investment totalling USD 0.66 million or equivalent to Baht 23.49 million for the acquisition of the 2,000,000 ordinary shares in GC America Sustainability Corporation (“GCAS”) (Formerly PTTGC Innovation America Corp.) from PTTGC International Private Limited, a subsidiary and a previous shareholder. The acquisition of such shares is a business combination under common control of the subsidiary. As a result, GCA Corp. holds 100% of the ordinary shares of GCAS. The investment is aligned with the business restructuring plan of GCAS for long-term structure of the investments in the United States of America to be efficient and maximise the benefits to the Group. During the year ended 31 December 2022, PTTGC America Corporation, a subsidiary of the Company, has called for an increase in paid-up capital approved in the Board of Directors’ Meeting of the subsidiary held on 18 February 2022, 11 July 2022 and 18 October 2022 for the purpose of US Petrochemical Complex Project investment totalling USD 5.46 million or equivalent to Baht 198.59 million. The amount was fully paid during the year ended 31 December 2022. PTTGC International Private Limited On 4 December 2023, PTTGC International Private Limited (“GC Inter”), a subsidiary of the Company, has called for an increase in paid-up capital approved in the Board of Directors’ Meetings of the subsidiary held on 30 November 2023 for investment in PTTGC International (Netherlands) B.V., a subsidiary 100% shareholding by GC Inter, totalling EUR 45.31 million or equivalent to Baht 1,749.58 million. The amount was fully paid in December 2023. During the year ended 31 December 2022, PTTGC International Private Limited (“GC Inter”), a subsidiary of the Company, has called for an increase in paid-up capital approved in the Board of Directors’ Meeting of the subsidiary held on 16 June 2022 and 20 December 2022 for investment in PTTGC International (Netherlands) B.V. (“GC BV”), a subsidiary 100% shareholding by GC Inter, totalling EUR 1,531.23 million or equivalent to Baht 56,998.15 million. The amount was fully paid during the year ended 31 December 2022. GC BV has utilised such investment totalling EUR 14.81 million or equivalent to Baht 552.06 million for the acquisition of the 9.18% ordinary shares in Vencorex Holding SAS (“Vencorex”) from Perstorp Holding AB. As a result, GC BV’s shareholding interest in Vencorex increased from 90.82% to 100%. GC BV has signed a share sale and purchase agreement and completed the share payment on 30 June 2022. The Group recognised a decrease in noncontrolling interest of Baht 464.55 million, difference arising from the change in the ownership interest in an investment of Baht 941.91 million, and an increase in the translation reserve of Baht 120.37 million attributable to owners of the Group of changes in the Group’s ownership interests in Vencorex. In addition, GC BV has utilised the investment totalling EUR 1,516.42 million or equivalent to Baht 56,446.09 million for the purpose of loan and interest prepayment to shareholder and corporate operation. 290
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