- 24 - During 3rd quarter of 2020, investment in a joint venture increased from investment in Mytex Polymers (Thailand) Co., Ltd. On March 3, 2020, the Company entered into the Share Purchase Agreement with Japan Polypropylene Corporation, incorporated in Japan to acquire 600,000 ordinary shares (50 percent of the registered share capital of 1.2 million shares totaling Baht 120 million) of Mytex Polymers (Thailand) Co., Ltd., incorporated in Thailand, which operates petrochemical business at the price of Baht 350 million. The Company paid for share acquisition to Japan Polypropylene Corporation on July 30, 2020. During the first quarter of 2021, the Company has invested in Vajira Lab for Society Co., Ltd., 99.97% owned by the Company which was registered as a limited company in Thailand. Such company’s objective is to be a laboratory for providing analysis and certification services for medical devices in the form of social enterprises. Vajira Lab for Society Co., Ltd. has registered and fully paid-up share capital of 10,000 ordinary shares at par value of Baht 100, totalling Baht 1 million. The Company already paid the share capital for the investment of Baht 1 million on March 15, 2021. Subsequently, on May 6, 2021, the Extraordinary General Meeting of Vajira Lab for Society Co., Ltd. passed a resolution to increase the registered share capital from Baht 1 million to be Baht 22 million by issuing new 210,000 ordinary shares at par value of Baht 100 each totalling Baht 21 million. On May 14, 2021, the Company executed a partial right for this increase share capital by additionally paid of 100,000 ordinary shares, totalling Baht 10 million that result to the percentage of shareholding has been changed to 50%. The remaining shares of 50% is held by Navamindradhiraj University. As a result, the status of investment in Vajira Lab for Society Co., Ltd. has been changed from investment in a subsidiary to be a joint venture. 2) During 2021, investment in a subsidiary increased from investment in Innopolymed Co., Ltd. which was registered as a limited company in Thailand. Innopolymed Co., Ltd. is a joint shareholding with Innobic (Asia) Co., Ltd. which is a subsidiary of PTT Public Company Limited, of which 60.00% owned by the Company. The main objective is to operate the business of producing, distributing non-woven fabric products, and medical consumables. Innopolymed Co., Ltd. has registered and paid-up share capital 1.82 million ordinary shares at par value of Baht 100 each, totaling Baht 182 million. the Company already paid the share capital for the investment of Baht 109 million on May 20, 2021. On January 7, 2022, the Extraordinary General Meeting of shareholders of Innopolymed Co., Ltd. passed a resolution to increase the registered share capital from 182 million to 282 million by issuing new 1 million ordinary shares at par value of Baht 100 each, totaling Baht 100 million. The Company already paid share capital of Baht 60 million on January 14, 2022. 3) During 2020, the Company recognised reversal of impairment of investment in IRPC Oil Co., Ltd. in amount of Baht 718 million in the separate financial statements because the impairment review showed that the recoverable amount of such investment exceeded its carrying amount. 326 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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