JOINTLY INVESTS IN 2 INSURANCE FIRMS

Sino-Thai Engineering & Construction Plc (STECON) reported on information about establishment of 2 firms as follows: Name : National Insurance Co Ltd Registered capital : Bt300 m split into 30 m shares, Bt10 apiece Parners and ownership : -National Finance & Securities Plc (54.998%, Bt164,995,000) -Mr Banpoj Damaphong (20%, Bt60 m) -STECON (10%, Bt30 m) -Ekachart Finance & Securities Plc (10%, Bt30 m) -Mr Anuthin Chavirakul (5%, Bt15 m) Objective : to achieve leading insurance firm in Thailand with high potential, serving society and customers by long experienced expertises Source of fund : working capital Anticipated benefits : -sufficient dividend -Expectedly, this business would expand by the new future, esp mobile, fire and marinetime insurance Name: National Life Assurance Co Ltd Registered capital : Bt500 m split into 50 m shares, Partners and Ownership: - National Finance & Securities Plc. (54.99494 %,Bt274,997,000) - Mrs. Pojchamarn Shinnawatr (15 %,Bt75 million) - Ekachart Finance & securities Plc. (10%, Bt50 million) - Sino-Thai Engineering & Construction Plc. (10 %, Bt 50 million) Objective : to achieve leading insurance firm in Thailand with high potential, serving society and customers by long experienced expertises Source of fund : working capital Anticipated benefit : dividend and the expansion of insurance business Recently, National Insurance Co Ltd and National Life Assurance Co Ltd were already resigtered by the Commerce Ministry on Jun 26, 1997 and Jun 18, 1997 respectively. After that, within 6 months from the day they were registered both must comform to the Ministry's regulation requesting to operate casualty insurance and life insurance. Expectedly the process will be completed by the 2nd half of 1997. This transaction is classified as the SET's regulation; acquisition/disposition of listed company's assets.