Disposition of an Asset of a Subsidiary Company
Ref. No. COR:MS/EL04021e/st
21 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. Heritage" owned
by Heritage Shipping Co., Ltd., a subsidiary company of Thoresen Thai Agencies Public Company
Limited. Detail of which is as follows:
1. The Parties :
Seller : Heritage Shipping Co., Ltd. a subsidiary company of Thoresen Thai
Agencies Public Company Limited
Buyer : Noor Maritime Limited, St. Vincent
Relationship between the buyer and the seller : None
2. Details of the Asset Disposed :
M.V. "Heritage" is a general cargo vessel of 20,949 DWT, built in 1976
3. General Characteristics of the Transaction:
M.V. Heritage is sold at the price of USD 2,250,000. The value of the vessel is approximately
Baht 88,875,000 (Eighty-Eight Million Eight Hundred and Seventy-Five Thousand Baht Only).
It equals to 0.88% 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 44 vessels, with an average size
of 25,652 DWT.
4. The Basis Used to Determine the Value of the Consideration :
Market price.
5. Net Book Value of a Vessel as of 21 June 2004 equaled to approximately Baht 38.46 million.
After deducting expenses from selling of the vessel, the profit is approximately Baht 36 million.
Thoresen Thai Agencies Plc.
Page 2 Ref. No. COR:MS/EL04021e/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 Heritage 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:
21st of June 2004.
Yours faithfully,
------------------------ ------------------------- Mr. Frode Teigen Mr. Ole Teigen Director Director