Company: NIVFW
Filing Date: 2025-03-07
Form Type: F-1
Source: 0001213900-25-021404
Chunk: 184

Company: NewGenIvf Group Ltd
Filing Date: 2025-03-07
Form: F-1
Chunk 184
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 significantly more voting rights than any other vote holder or organized company of vote holders. An assessment has been made, taking into account all the factors relevant to the relationship with the investee, to ascertain control has been established and the investee should be consolidated as a subsidiary of the Company. |

Note:

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

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 is owned by a Thai national. 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.

F-10 NEWGENIVF LIMITED
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021
(Stated in US Dollars) NOTE 1 — ORGANIZATION AND PRINCIP