Establishment of a New Subsidiary Company
Ref: COR:MS/EL05006e/st
15 March 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 9 March 2005, the Board has approved an investment in
a newly established subsidiary company. Details of this investment are as follows:
| 1. Date of Transaction | Within April 2005 |
| 2. Name of the Subsidiary Company | Thor Endeavour Shipping Co., Ltd. |
| 3. Type of Business | International Maritime Transportation |
| 4. Registered Capital | Baht 310,000,000 (Three Hundred Ten Million), divided into 3,100,000 shares with a par value of Baht 100 per share |
| 5. Major Shareholder | Thoresen Thai Agencies Plc, holding 99.9% |
| 6. Source of Fund | From the working capital of the Company |
| 7. Rationale | To acquire a second hand 42,529 DWT bulk carrier vessel, the M.V. Royal Sea, to meet the Company's increased shipping volume |
Yours faithfully,
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M.R. Chandram S. Chandratat M.L. Chandchutha Chandratat
Chairman Managing Director