SET Announcements

Ref: COR:MS/EL07006e/ms

14 February 2007

Subject: Investment in a New Subsidiary Company

To : The President of the Stock Exchange of Thailand

Pursuant to the Board of Directors meeting held on 14 February 2007, the Board has approved an investment in a new subsidiary company. Details of this investment are as follows:

1. Date of Transaction
Date of incorporation - around March 2007

2. Name of the New Subsidiary Company
Thoresen Shipping Germany GmbH ("TSG")

3. Country of Incorporation
Germany

4. Type of Business
Vessel chartering and/or ship broking business

5. Registered and Paid-up Capital
The initial registered capital shall be EURO 25,000 (Twenty Five Thousand) divided into 25,000 ordinary shares with a par value of EURO 1 (one).

 

Thoresen Thai Agencies Public Company Limited

Page 2

Ref.No. COR:MS/EL07006e/ms

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6. Major Shareholder
Thoresen Thai Agencies Plc ("TTA"), holding 100%

7. Source of Funds
From the working capital of TTA

8. Rationale
To facilitate the Thoresen Group's growing shipping activities in Europe

9. Total Value of Consideration
The investment in TSG will be EURO 25,000 (Twenty Five Thousand), or approximately Baht 1,162,500 (One Million One Hundred Sixty Two Thousand and Five Hundred) using a EURO/THB exchange rate of 46.50. The transaction equals 0.01% of the net tangible assets of TTA and its subsidiaries after deducting the minority interests as of 31 December 2006 (the net tangible assets of TTA and its subsidiaries after deducting the minority interests and goodwill as of 31 December 2006 amounted to Baht 11,693,759,485).

When this transaction is included with other asset acquisition transactions 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.

 

Yours faithfully,

 

--------------------------- M.R. Chandram S. Chandratat Chairman

---------------------- M.L. Chandchutha Chandratat Managing Director

Attachments

• Attachment Document 1