Disposition of an Asset of a Subsidiary Company
Ref. No. COR:MS/EL04022e/st
23 June 2004
Subject : Disposition of an Asset of a Subsidiary Company
To : The President of the Stock Exchange of Thailand
Thoresen Thai Agencies Plc hereby reports the sale of the vessel "M.V. Hektor" owned by
Hektor Shipping Co., Ltd., a subsidiary company of Thoresen Thai Agencies Public Company
Limited. Detail of which is as follows:
1. The Parties :
Seller : Hektor Shipping Co., Ltd. a subsidiary company of Thoresen Thai
Agencies Public Company Limited
Buyer : London Maritime Inc, Liberia
Relationship between the buyer and the seller: None
2. Details of the Asset Disposed :
M.V. "Hektor" is a general cargo vessel of 20,717 DWT, built in 1977
3. General Characteristics of the Transaction:
M.V. Hektor is sold at the price of USD 1,695,129.00. The value of the vessel is approximately
Baht 68,652,724.50 (Sixty-Eight Million Six Hundred Fifty-Two Thousand Seven Hundred
Twenty-Four Baht and Fifty Satangs Only). It equals to 0.68% of the total assets of the Company
and its subsidiaries as of 31 March 2004. (The total assets of Thoresen Thai Agencies Plc and
its subsidiaries as of 31 March 2004 amounted to baht 10,118,821,866). It is not subject to the
Notification of the Stock Exchange of Thailand regarding Rules, Procedures and Disclosure of
Information Concerning the Acquisition and Disposition of Assets of Listed Companies dated
22 January 1993.
After disposition of the vessel, Thoresen Fleet will consist of 43 vessels, with an average size of
25,767 DWT.
4. The Basis Used to Determine the Value of the Consideration :
Market price for scrap.
5. Net Book Value of a Vessel including stocks and bunkers on board as of 22 June 2004 equaled to
approximately Baht 55.85 Million. After deducting expenses from selling of the vessel, the profit is
approximately Baht 11.42 Million.
Thoresen Thai Agencies Plc.
Page 2 Ref. No. COR:MS/EL04022e/st
6. Benefit from the Transaction:
The sale is in line with the Company's policy of gradually lowering the average age of the fleet, and
to increase the average vessel size. The Board of Directors of Hektor Shipping Co., Ltd.
unanimously resolved to sell the said vessel and the proceed from the sale will be used for further
investment.
7. Delivery Date:
23rd of June 2004.
Yours faithfully,
------------------------ ------------------------- Mr. Frode Teigen Mr. Ole Teigen Director Director