07.
HOTEL MODEL
① PK FF and KKFF own building lots and surrounding areas
② KKFF manages nature areas owned by PK FF and KKFF
③ PK FF holds the right to build hotels
④ NEWCO invests in hotel construction
⑤ NEWCO can receive management agreement if desired
⑥ NEWCO gets money out first before PK FF and KKFF
⑦ PK FF donates profit to KKFF unless smaller shareholders decide to keep theirs
⑧ PK FF is under obligation to vote along with KKFF
⑨ KKFF continues to invest their share of profit in nature and to fulfil the foundation’s vision and purpose