The Company and VGI Global Media PLC (“VGI”), an online-to-offline solutions provider across advertising, payment and logistics platforms in Thailand, jointly established V-Click Technology Company Limited (“V-Click”). VGI holds a majority stake of 51% in V-Click and the Company holds the remaining 49% stake. The investment was accounted for as an equity-method investment due to the significant influence over the operating and financial policies of V-Click.


		As of
		January 1,		As of December 31,
		2024		2024	2025
Investment in an associate		—		—	90

Share of losses from an associate		—		—	(50)

Movement on the Company’s investment in an associate during the year ended December 31, 2025 was as follows:


		As of
		January 1,		As of December 31,
		2024		2024		2025
Balance at the beginning of year		—		—		—
Business combination - merger transaction (Note 5.1)		—		—		140
Share of losses		—		—		(50)
Balance at the end of year		—		—		90

There are no material contingent liabilities relating to the Group’s interests in the investment accounted for using equity method.


		As of and
		for the year ended
		December 31,
		2025
Statement of financial position
Current assets
Cash and cash equivalents		110
Trade and other receivables		218
		328
Current liabilities
Trade and other payables		136
Other liabilities		8
		144

Net assets		184

Statement of profit or loss
Revenue		66
Cost of revenue		(132)
Gross profit		(66)

Operating expenses		(37)
Net profit		(103)

Reconciliation of carrying amount:
Net assets value		184
Group’s share in %		49	%
Carrying amount		90