เอกสาร Information

Sino-Thai Engineering & Contruction Public Company Limited (STECON) Information of an Acquisition/Disposition of Assets and Connected Transactions 1. Transaction Date The Board of Directors Meeting no. 3/1997 held on September 3, 1997 has resolved in principle as follows: To purchase 7,938,995 shares or 15.88% of issued common shares of HTR Co., Ltd. at Baht 22.00 per share and to acquire a 73-2-17.8 rais of land at Phuket at Baht 8,120 per sq. wah. 2. Parties Involved 2.1 HTR Co.,Ltd. Seller: Mr. Chavarat Charnvirakul, Mr. Chavaporn Charnvirakul, Mrs. Tassanee Charnvirakul, C T Venture Co.,Ltd., and Sino-Thai Development Co.,Ltd. Purchaser: STECON HTR+s shareholders are as follows: Name Position No. of shares % Holding STECON - 15,861,000 31.72 Supanika Co.,Ltd. - 13,850,000 27.70 Amarin Plaza Pcl. - 7,350,000 14.70 C T Venture Co.,Ltd. - 7,000,000 14.00 National Finance and Securities Pcl. - 5,000,000 10.00 Mr. Chavarat Charnvirakul - 635,000 1.27 Sino-Thai Development Co.,Ltd. - 250,000 0.50 Mr. Chavaporn Charnvirakul - 27,000 0.05 Mrs. Tassanee Charnvirakul - 27,000 0.05 Total 50,000,000 100.00 2.2 A 73-2-17.8 rais of land at Phuket Seller: Thai Special Steel Co.,Ltd. Purchaser: STECON Thai Special Steel+s shareholders are as follow: Name Position No. of shares % Holding Mr. Chavarat Charnvirakul - 619,994 99.99 Others - 6 0.01 Total 620,000 100.00 Relationship with STECON: -By holding shares Name No. of shares % Holding Mr. Chavarat Charnvirakul 5,775,000 21.57 Mr. Chavaporn Charnvirakul - - Mrs. Tassanee Charnvirakul 4,950,000 18.49 C T Venture Co.,Ltd. 1,000,000 3.73 Sino-Thai Development Co.,Ltd. - - -By being management and other relationship Name Relationship Mr. Chavarat Charnvirakul is the husband of Mrs. Tassanee Charnvirakul. Mr. Chavaporn Charnvirakul is the brother of Mr. Chavarat Charnvirakul. Mrs. Tassanee Charnvirakul serve as Chairman of the Board of STECON. C T Venture Co.,Ltd. is a company of Charnvirakul family. Sino-Thai Development Co.,Ltd. is a company of Charnvirakul family. CT Venture+s shareholders are as follows: Name Position No. of shares % Holding Mr. Chavarat Charnvirakul - 600,000 30.00 Mrs. Tassanee Charnvirakul Director 300,000 15.00 Mr. Anutin Charnvirakul Director 100,000 5.00 Mr. Masthavin Charnvirakul Director 100,000 5.00 Ms. Aninrat Charnvirakul Director 100,000 5.00 Sino-Thai Development Co.,Ltd. - 800,000 40.00 Total 2,000,000 100.00 Sino-Thai Development+s shareholders are as follows: Name Position No. of shares % Holding Mr. Chavarat Charnvirakul - 225,000 30.00 Mrs. Tassanee Charnvirakul Director 112,500 15.00 Mr. Anutin Charnvirakul Director 37,500 5.00 Mr. Masthavin Charnvirakul Director 37,500 5.00 Ms. Aninrat Charnvirakul Director 37,500 5.00 CT Venture+s Co.,Ltd. - 300,000 40.00 Total 750,000 100.00 Shareholders of HTR after the acquisition are as follows: Name Position No. of shares % Holding STECON - 23,799,995 47.60 Supanika Co.,Ltd. - 13,850,000 27.70 Amarin Plaza Pcl. - 7,350,000 14.70 National Finance and Securities Pcl. - 5,000,000 10.00 C T Venture Co.,Ltd. - 1 - Sino-Thai Development Co.,Ltd. - 1 - Mr. Chavarat Charnvirakul - 1 - Mr. Chavaporn Charnvirakul - 1 - Mrs. Tassanee Charnvirakul - 1 - Total 50,000,000 100.00 3. Nature of the transaction The acquisition size of HTR+s shares and land at Phuket by STECON are 14.67 % pursuant to the Notification of SET, Re: Rules, Procedures, and Disclosure of Information concerning the Acquisition or Disposition of Assets of Listed Companies, which are classified as connected transactions and the transaction size exceeds 3 percent of book value of tangible assets which is required to be approved by the shareholders meeting as per the Notification of SET, Re: Rules, Procedures, and Disclosure of Connected Transactions of Listed Companies. 4. Details of Acquired Assets 4.1 HTR Co.,Ltd. Company : 7,938,995 common shares of HTR Co.,Ltd. Type of Business : Property Development Registered Capital : Baht 500,000,000 at par of Baht 10 per share Paid-up Capital : Baht 500,000,000 Directors : Mr. Anutin Charnvirakul, Mr. Buntheong Tantivit, Mr. Supadeth Poonpipat, Mr. Withul Wongkusolkij, Mrs. Panida Thepkanjana, Mr. Udomsak Chakreyavanich, Mr. Chavarit Srivijit 4.2 Land at Phuket Title deed : no. 28049 Location : at Tambon Rasada(Samkong), Amphur Muang, Phuket Encumbrance : mortgaged at Thai Military Bank Pcl ใ to be a collateral of loan amount to Baht 60 million. As at the puchase date, the land must be free from any encumbrances. Condition of land : land and building. 5. Total investment value and terms of payment Total investment in HTR Co.,Ltd. and a 73-2-17.8 rais of land amount to Baht 174,657,890 and Baht 238,872,536 respectively. The total investment value of Baht 413,530,426 will be paid in cash within 7 days from the date of STECON+s shareholders approval for this transaction on September 30, 1997. 6. Basis used in the determination of the value in consideration The price of HTR+s share is based on the company+s adjusted book value by using financial statement at December 31, 1996. For the price of land at Phuket is based on the recent selling deal between Provincial Electricity Authority (PEA) and Thai Special Steel Co.,Ltd. Moreover, independent financial advisor will comment for the fairness and reasonable of the price. 7. Performance of HTR Co.,Ltd (Baht in Million) 1995 1996 Total Assets 1,009 1,025 Total Liabilities 413 431 Total Shareholder+s Equity 596 593 Total income 82 86 Total Expenses 76 73 Net Profit(Loss) 7.2 (2.5) 8. Benefits to STECON By acquiring HTR+s shares, STECON will be the largest shareholder of HTR Co.,Ltd.by holding approximately 47.60% of its paid-up capital and can control and manage HTR to meet the high return on equity (ROE) through the director committee. In addition, by acquiring a 73-2-17.8 rais of land at Phuket, STECON plans for setting up a business unit to serve the growth for the Southern Seaboard project. 9. Sources of Fund From STECON+s working capital. 10. Connected Transaction The transaction is considered a connected transaction due to Sellers are related to STECON as major shareholders and management, as shown in No. 2. 11. Condition of Transaction The acquisition transactions require approval from the Shareholders. Approval of the transaction requires 3/4 of the total votes at the Shareholders+ meeting excluding those related parties, specifically Mr. Chavarat Charnvirakul, Mrs. Tassanee Charnvirakul, Mr.Anutin Charnvirakul, Ms. Aninrat Charnvirakul, Mr. Masthawin Charnvirakul, and CT Venture Co.,Ltd. This exclusion are specified in the Minutes of the Extraordinary General Meeting of Shareholder Number 1/1997. The seller of common shares of HTR agree that STECON has appointed the auditor to audit the HTR+s financial statements. In case, there is any liabilities or obligations occuring other than those specified in the companies+ financial statements at the appraisal date or are not considered as normal business liabilities or obligations. The seller shall be responsible for, in full. 1 P:ib\stecon\im-e-bod.doc