Page 6 - TYCONS - ANNUAL REPORT 2022
P. 6

Tycoons Worldwide Group (Thailand) Plc.



                              1.1.2   Significant change and development

                                   New investment acquisition
                                   The Company and its parent company TGI have invest 49% and 51% respectively in
                                   September 2022 by establish a new company, Fastbolt International Pte. Ltd. in
                                   Singapore,  with  a  total  investment  of  EUR  4,557,000  and  Fastbolt  International
                           Pte.Ltd. acquired 79% of the shares of Fastbolt Group GmbH.

                           Founded in 1982, Fastbolt Group GmbH focused on import various of fasteners for
                           European  distributors  until  today.  Fastbolt  Group  GmbH  have  warehouses  in
                           Germany, UK and Portugal to distribute fastener products covering all West Europe.
                           The  product  categories  cover  from  small  screws,  bolts,  nuts  and  washers.  This
                           investment brings TYCN many opportunities and advantages, including expanding
                           the market layout in Europe, reducing production costs, and obtaining Fastbolt market
                           information to better meet market demand and grasp market changes.

                                   Changes in investment in associated companies

                    Date       TY's registered capital changes  The reason for the change   Shareholding Proportion  Relationship
                                                                                  of TYCN after change   with TYCN

                    October    Decreased from 2,590M to   Capital reduction to compensate   28.20%      Associate
                    2021       647.5M                   the accumulated deficits
                    November  Increased from 647.5M to   Capital increase to increase    19.27%         Associate
                    2021       947.5M                   working capital
                    January    Increased from 947.5M to   Capital increase to increase   19.27%         Associate
                    2022       1,947.5M                 working capital
                    June       Increased from 1,947.5M to   Capital increase to increase   19.43%       Associate
                    2022       2,724.5M                 working capital


                              1.1.3    Relationship with the business group of major shareholder

                                 Currently, TYCN’s largest customer for sales of merchandise, including wire
                           rod and annealed wire, is Tycoons Group Enterprise (TGE), TYCN’s indirect majority
                           shareholder via Tycoons Group International Co., Ltd.(TGI), (TGE holds a stake of up
                           to 100% in TGI and TYCN is a 31.14% owned subsidiary of TGI). TYCN’s sales to TGE

                           accounted for 7.43% of TYCN’s total sales in 2022, mainly due to the fact that TGE is
                           TYCN’s agent who is in charge of business development and marketing in Taiwan,
                           which allows TYCN to  rapidly  react to the demand and prices  in Taiwan market.

                           Therefore, the business  relationship between TGE and TYCN will be  able to stay
                           mutually beneficial.









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