Company: NIVFW
Filing Date: 2025-10-10
Form Type: F-1/A
Source: 0001213900-25-098135
Chunk: 185

Company: NewGenIvf Group Ltd
Filing Date: 2025-10-10
Form: F-1/A
Chunk 185
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 the investee should be consolidated as a subsidiary of the Company. |

Note:

According to Thailand’s
Foreign Business Act (the “FBA”), the majority shareholdings of limited company incorporated in Thailand is required to be
owned by Thai nationals.

F-10

With reference to the capital
structure and voting rights structure of ordinary shares and preference shares (the “Share Structure”) of Med Holdings and
FFC, all the preference share capital shall be owned by a Thai national. No preference shares, however, have been issued to date. The
ordinary shares and preference shares have the same rights and status in all respects except for the distribution of profits by way of
dividends with details as follow:

| (a) | Dividends from profits of Med Holdings and FFC shall be allocated to the holders of preference shares at a rate fixed from time to time by the board of directors prior to allocating to the holders of ordinary shares. In any event, such dividends to be allocated to the holders of preference shares shall not exceed 15% of the total amount of dividends declared from time to time; |

| (b) | After allocation of dividends as per (a) above, the rest of the dividends shall be distributed equally amongst the holders of ordinary shares according to their shareholding ratio; |

| (c) | The holders of preferred shares shall be entitled to dividends only in respect of the years for which the Company has declared a dividend payment, and there shall be no cumulative dividends; and |

| (d) | Dividends allocated to the holders of preferred shares in each year shall be limited at the rate as stated in (a) only. No additional dividends shall be paid to the holders of preferred shares. |

Based upon the management’s
judgement on the Shares Structure, as the Company is able to exercise majority voting power in any board meeting, the Company accounts
for Med Holdings and FFC as subsidiaries on the ground that the Company is able to control Med Holdings and FFC by exercising its majority
voting power in any board meetings.

On April 17, 2024, the Company
entered into a non-binding term sheet (the “Non-Binding Term Sheet”) with European Wellness Investment Holdings Limited (“EWIHL”)
for (i) the potential acquisition of the entire equity interest of EWIHL by the Company for a consideration of US$ to be payable
by issuing ordinary shares of the of the Company to the shareholder(s) of EWIHL or its associate and