Disposition Of The Asset Of A Subsidiary Company
Ref. No. COR:MS/EL06009e/st
10 August 2006
Subject: Disposition of the Asset of a Subsidiary Company
To : The President of the Stock Exchange of Thailand
Thoresen Thai Agencies Plc. ("TTA") hereby reports the sale of M.V. Helios II on behalf of Helios Shipping Co., Ltd., a wholly owned subsidiary company of TTA, as follows:
1. The Parties Involved:
Seller: Helios Shipping Co., Ltd. Buyer: Clarissa Shipping Company, Marshall Islands Relationship between Buyer and Seller: 2. Details of the Asset Disposed:
M.V. Helios II is a general cargo vessel with a rated capacity of 20,949 DWT and was built in 1977.3. General Characteristics of the Transaction:
M.V. Helios II was sold at a price of USD 2,530,000 (United States Dollars Two Million Five Hundred Thirty Thousand), or Baht 94,773,800 (Baht Ninety Four Million Seven Hundred and Seventy Three Thousand Eight Hundred using a USD/THB exchange rate of 37.46), which is the current market price.4. The net book value of M.V. Helios II as of 10 August 2006 was approximately Baht 39.36 million. After deducting expenses from selling the vessel, including commissions, the accounting gain from the sale is approximately Baht 51.28 million.
After the sale of M.V. Helios II, the Thoresen fleet will consist of 45 vessels with an average size of 27,194 DWT and an average age of 17.58 years.
5. Benefit from the Transaction:
The sale is in line with TTA's policy of gradually lowering the average age of the fleet and increasing the average vessel size. The Board of Directors of Helios Shipping Co., Ltd. unanimously resolved to sell the said vessel, and the proceeds from the sale will be used to prepay some existing debt.
Cont. 2.../ Thoresen Thai Agencies Plc.
Page 2 Ref. No. COR:MS/EL06009e/st
6. Size of the Transaction:
The total amount received from selling M.V. Helios II equals USD 2,530,000 (United States Dollars Two Million Five Hundred Thirty Thousand), or Baht 94,773,800 (Baht Ninety Four Million Seven Hundred and Seventy Three Thousand Eight Hundred using a USD/THB exchange rate of 37.46). The size of the transaction equals 0.41% of the total assets of TTA and its subsidiaries as of 31 March 2006 (the total assets of TTA and its subsidiaries as of 31 March 2006 amounted to Baht 23,290,097,598).When this transaction is included with other asset dispositions in the past six months, it is not subject to the Rules, Procedures and Disclosure of Information of the Stock Exchange of Thailand regarding the Connected Transactions or the Acquisition and Disposition of Assets of Listed Companies.
7. Delivery Date:
10 August 2006
Yours faithfully,
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(M.R. Chandram S. Chandratat) (M.L. Chandchutha Chandratat)
Chairman Managing Director