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2212. Investments in subsidiariesDetails of investments in subsidiaries as presented in separate financial statements.(Unit: Million Baht)Company%u2019s name Paid-up capital Shareholding percentage Cost 2025 2024 2025 2024 2025 2024(Percent) (Percent)Nation Global Edutainment Company Limited 226.00 226.00 100 100 189.4 189.4Groupwork Company Limited 6.25 6.25 100 100 110.0 110.0Total 299.4 299.4Less: Allowance for impairment (202.9) (202.9)Investments in subsidiaries - net 96.5 96.512.1 Groupwork Company Limited (%u201cGroupwork%u201d)Impairment considerationThe Company has determined the recoverable amounts of its investment based on fair value less costs to sell using income approach over 6 years.Key assumptions used in determining fair value less costs to sell can be summarised as follows:2025 2024Rental rate Baht 557 - 7,222 per square meter per monthBaht 1,283 - 6,855 per square meter per monthGrowth rate 1% per annum 1% per annumPre-tax discount rate 14.30% per annum 15.61% per annumThe management determined the growth rate based on past performance, market growth forecasts, inflation rate and pre-tax discount rate that reflects the risks specific to the subsidiary.The following reasonably possible change in the management assumptions on which the asset of the subsidiary%u2019s recoverable value is based would result in increase impairment, as follows:(Unit: Million Baht)2025 2024Rental growth rate (Decrease 5%) 2 7Growth rate (Decrease 1%) 2 2Pre-tax discount rate (Increase 1%) 4 4The management has considered and believes that investment in subsidiary for Groupworkis not impaired.Super Turtle Public Company Limited 138Introduction Nature of Business Business Performance Corporate Information Corporate Governance Financial Report Attachment