Clarification on the digital asset investment in KUB Coin
Attention:
President
The Stock Exchange of Thailand
With reference to the Securities and Exchange Commission (SEC) requesting Ananda Development Public Company Limited ("the Company") for the clarification on the digital asset investment in KUB Coin, the Company hereby would like to clarify as follows:
Rationale for Investment in Digital Asset as a Validator Node
Being a Validator Node, the Company will receive the fee. In addition, it will increase the Company's business opportunities related to digital assets and be able to use Blockchain technology to enhance the Company's business capabilities at current and in the future.
Opinion of the Board of Directors on the Investment in Digital Asset
The Board of Directors has considered and approved the investment as a Validator Node and opined that such investment will increase the Company's business opportunities related to digital assets and be able to use Blockchain technology to enhance the Company's business capabilities at current and in the future.
In addition, the Board of Directors has carefully reviewed the investment risks to ensure that such investment complies with the investment plan and policy, and to ensure that investment assessments are regularly monitored.
Investment Plan, Investment Value, Current Progress, and the Terms and Conditions of the Price Guarantee
Investment Plan, Investment Value, Current Progress
As being a Validator Node, Proof of Stake Authority (PoSA), there is a condition that the Company must invest an additional 225,000 KUB coins, equivalent to an investment of 60.77 million Baht. As such, the Board of Directors considered and approved xLab Digital Co., Ltd., the Company's subsidiary, to be a Validator Node. The investment was completed in March 2022.
Terms and Conditions of Price Guarantee
Bitkub Blockchain Technology Co., Ltd. has provided and confirmed a Price Guarantee in case KUB price fall below the purchase price at the due date so that the price will not be less than the Company's purchase price.
4. Effects and Supportive Measures from the Current Decline in Coin Price
As the KUB price has significantly declined currently, there is no effect on the financial positions or operations of the Company since Bitkub Blockchain Technology Co., Ltd. already provided a price guarantee in the event that the KUB price is lower than the purchase price at the due date.
Please be informed accordingly.
Sincerely yours,
- Mr. Chanond Ruangkritya -
(Mr. Chanond Ruangkritya)
Chief Executive Officer
Corporate Secretary Department,
Tel. 02-056-2222 ext. 2700
Attachments
Original Link
Original Document
Permalink
Disclaimer
Ananda Development pcl published this content on 09 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2022 11:51:04 UTC.
Ananda Development Public Company Limited is a Thailand-based company that is engaged in the real estate development business. The Company is principally engaged in the development and sale of real estate, provision of house construction services and management of real estate development projects. Its real estate development projects include condominium projects, housing projects and townhouses in Bangkok and its vicinity. Its segments include the real estate development segment, which develops all types of real estate projects; Management of real estate development project segment, which provides management service for real estate projects, and Other segments, which include services relating to real estate brokerage, among other things. It has developed condominium projects under Ashton, Ideo Q, Venio, Ideo Mobi, Ideo, Elio, and Unio brands. It has developed housing and townhouses projects under Artale, Airi, Atoll, Anda, Urbanio, and Unio Town brands.
ANANDA DEVELOPMENT 
