Establishment of a New Subsidiary Company
Ref: COR:MS/EL05012e/st
26 May 2005
Subject: Establishment of a New Subsidiary Company
To: The President of the Stock Exchange of Thailand
Pursuant to the Board of Directors meeting held on 26 May 2005, the Board has approved an investment
in a newly established subsidiary company. Details of this investment are as follows:
1. Date of Transaction | Around beginning of June 2005 |
2. Name of the Subsidiary Company | Thor Energy Shipping Co., Ltd. (the "Company") |
3. Type of Business | International Maritime Transportation |
4. Registered and Paid-up Capital | At the initial stage, the registered and paid up share capital will be Baht 100,000,000 (One Hundred Million), divided into 1,000,000 (One Million) shares with a par value of Baht 100 (One Hundred) per share. The registered and paid-up share capital will be later increased when the Company acquires a vessel. |
5. Major Shareholder | Thoresen Thai Agencies Plc ("TTA"), holding 99.9% |
6. Source of Fund | From the working capital of TTA |
7. Rationale | To prepare for the future purchase of a vessel in line with TTA's increasing shipping volume. |
Yours faithfully,
M.R. Chandram S. Chandratat M.L. Chandchutha Chandratat
Chairman Managing Director