Company: NIVFW
Filing Date: 2025-10-31
Form Type: 424B3
Source: 0001213900-25-104469
Chunk: 204

Company: NewGenIvf Group Ltd
Filing Date: 2025-10-31
Form: 424B3
Chunk 204
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| * | Where less than 50% of                                                                                                                     
 the equity of an investee is held, the Company (through its subsidiaries) holds 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 Thailand’s
Foreign Business Act (the “FBA”), the majority shareholdings of limited company incorporated in Thailand is required to be
owned by Thai nationals.

<div align='center'>F-10</div>

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