Company: NIVFW
Filing Date: 2025-03-07
Form Type: F-1
Source: 0001213900-25-021404
Chunk: 218

Company: NewGenIvf Group Ltd
Filing Date: 2025-03-07
Form: F-1
Chunk 218
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 2023
(Stated in US Dollars) NOTE 1 — ORGANIZATION AND PRINCIPAL ACTIVITIES (cont.)

| * | 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 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