29 (Unit: Million Baht) Separate financial statements Company’s name Nature of business Country of incorporation Shareholding percentage Cost Allowance for impairment of investments Carrying amounts based on cost method - net 2023 2022 2023 2022 2023 2022 2023 2022 (%) (%) PTT Energy Solutions Co., Ltd. Engineering consulting Thailand 20.00 20.00 30 30 (10) (10) 20 20 VISUP Co., Ltd. Holding Thailand 22.22 - 20 - - - 20 - UBE Chemicals (Asia) Public Company Limited Manufacturing and sales of petrochemical products Thailand 25.00 25.00 5,300 5,300 (954) - 4,346 5,300 IRPC Clean Power Company Limited Manufacturing and sales of electricity and steam Thailand 48.99 48.99 1,647 1,647 - - 1,647 1,647 Total 6,997 6,977 (964) (10) 6,033 6,967 On 25 July 2022, a meeting of the Company’s Board of Directors passed a resolution approving the dissolution of an associate, namely PTT Energy Solutions Co., Ltd. (“PTTES”) with a registered capital of Baht 150 million. The Company held 20 percent of this company’s shares, amounting to Baht 30 million. The dissolution was in accordance with PTT Group's business restructuring policy. On 29 August 2022, an Extraordinary General Meeting of Shareholders of PTTES approved the dissolution, of which registration with the Ministry of Commerce is completed on 29 December 2022.The dissolution of the associate has no effect on the Company’s operations. As at 31 December 2022, the Company recorded allowance for impairment loss of such investment of Baht 10.2 million in the separate financial statements, taking into account the recoverable amount of the investment. On 20 December 2022, a meeting of the Company’s Board of Directors passed a resolution to invest in VISUP Co., Ltd., which was registered as a limited company in Thailand and engaged in the operation of holding, by acquiring 2 million ordinary shares at par value of Baht 10 each, totaling Baht 20 million, accounting for 22.22% of the registered capital of VISUP Co., Ltd. The Company paid for such shares on 19 December 2023. During 2023, the Company considered the indicator of impairment of the investment in UBE Chemicals (Asia) Public Company Limited, the Company’s associate, and determined that the recoverable amount of such investment was less than its carrying amount. As at 31 December 2023, the Company recorded allowance for impairment loss of such investment of Baht 954 million in the separate financial statements, taking into account the recoverable amount of the investment. 322 IRPC Public Company Limited Notes to the Consolidate Financial Statements
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