Not only for NVD, 2020 has proven to be one of the most challenging years for most companies. Coming out of a tough 2019

with multiple unfavorable incidents obstructing growth and profitability; the entire world was greeted by an outbreak of a highly contagious Coronavirus disease, so terrifying that many countries around the globe imposed complete lockdowns. On top of the immense impacts of COVID-19, NVD in the latter half of the year was also distracted by the impending change in the shareholding structure. The change has however concluded, and we now resume our position and are striving full speed ahead to ultimately achieve our goal of “Quality of Growth.”

Unprecedented Impacts

Besides the fears of being contracted, consumer behaviors had been unprecedentedly impacted by the COVID-19. Directly affected were those in the aviation and tourism businesses. And naturally, the others who might be less or indirectly impacted would delay their decisions given the uncertainty and lack of visibility for vaccination at the time. As such, we were left with scarce real-demands and “bargain hunters” which, in many cases, could not get passed the post-financing credit screening. Inevitably, the growth was completely wiped off, while the profitability deteriorated.

Change in Shareholding Structure

Starting around mid-year, talks between two groups of major shareholders had begun. In a difficult market situation, everyone struggles to stay afloat. When segment line increasingly becoming blurred, it probably would be best to part given the looming conflict of interests.

Supposedly, Nirvana was originally added into the Singha Estate Group as a landed residential developer. Being a listed entity, however, NVD’s portfolio needs to be expanded into new businesses of higher stability in terms of earnings. Doing so, these new businesses could run a risk of entering conflict of interests with Singha Estate’s businesses.

Resuming “Quality of Growth” Goal

To smoothen out the earnings, a property company’s business model should at least include four business areas: real estate trading, development for sales, development for rents, and property management services. Upon completion of the shareholders’ transaction, NVD now resumes its originally intended path to achieved “Quality of Growth.” New businesses would gradually be added to the portfolio, either on NVD’s own or via leveraging on partnerships of expertise.

As a new Chairman of the Board and on behalf of all Board members, I would like to reassure that we would carry on our duties for the highest interests and maximum benefits of all stakeholders under good corporate governance principles with high agility in coping with today’s fast-changing business environment. We express our gratitude to all relevant parties for continued trust and supports to the Company.

Mr. Vichien Jearkjirm

Chairman of the Board