TTA shareholders re-elect Chairman Aswin Kongsiri and nominate and approve 6 new Board appointments Ratify payment of THB 0.50 year-end cash dividend

Back Feb 01, 2012

Bangkok, Thailand, 1 February 2012 -- Thoresen Thai Agencies Plc ("TTA") held its Annual General Meeting of Shareholders ("AGM") on 31 January 2012. Shareholders voted to approve the re-election of Chairman of the Board Mr. Aswin Kongsiri, who has served in his role since January 2009.

Six new board appointments were announced following decisions by Prof. Atheuck Asvanund and Prof. Warapatr Todhanakasem to withdraw their nominations for another term in order to focus on other commitments. At the same time, Mr. Sak Euarchukiati and Mr. Stephen Fordham decided to step down from the Board effective immediately, both for personal reasons. Mr. Naris Cheyklin, who had been nominated to succeed retiring Dr. Siri Ganjarerndee, also withdrew his nomination.

In their places, the following directors were subsequently approved by a majority of attending shareholders:

  • Mr. Chalermchai Mahagitsiri: CEO, PM Group Co., Ltd., Managing Director, Quality Coffee Products Co., Ltd., President, Four-One-One Entertainment Co., Ltd., and Managing Director, Lakewood Country Club Co., Ltd.
  • Mr. Ghanim Bin Saad Al-Saad: Founding Chairman of the Qatar Project Management Co., Ltd, Chairman and Managing Director of Barwa Real Estate and Managing Director and CEO of Qatari Diar Real Estate Investment Company
  • Mr. Joseph Chia: Senior Executive Vice President, PM Group Thailand Co., Ltd.
  • Ms. Ausana Mahagitsiri: Managing Director, PM Group Thailand Co., Ltd. and Managing Director, Mountain Creek Development Co Ltd.
  • Mr. Santi Bangor: Special Advisor, Com-Link Co., Ltd.
  • Mr. Prasert Bunsumpun: Chairman, IRPC Public Company Limited, Chairman, PTT Global Chemical Public Company Limited and Chairman, Thai Lube Base Public Company Limited

In lieu of the above changes ratified by shareholders at the AGM, the number of Board members will now increase from 10 directors to 11.

"I would like to take this opportunity to thank Prof. Atheuck Asvanund, Prof. Warapatr Todhanakasem, Mr. Sak Euarchukiati and Mr. Stephen Fordham for their service and multiple contributions to the Board, the Company and the shareholders," said Mr. Aswin Kongsiri, Chairman of the Board. "We welcome the skills, experience and guidance that our six incoming directors bring into the Boardroom and recognise that our Board structure is now more optimally aligned with TTA's new shareholding structure - a fact I believe will bring benefits for the company and all of its stakeholders."

"The Board and management were pleased to see so many shareholders attend and make their voices heard - it shows that our shareholder base has a healthy interest in the company and is truly invested in its long-term success," added M.L. Chandchutha Chandratat, President & CEO of TTA. "As of today, we will have a number of new faces on the Board - each bringing a unique viewpoint, talent and set of experiences. We see this as a positive development and I look forward to working with the Board towards creatingsustainable and long term value for all of our shareholders."

Shareholders also approved a recommendation by the Board and management for the payment of a THB 0.50 year-end cash dividend for FY 2011. The total dividend of THB 354 million represents a yield of 2.68% based on TTA's average share price in 2011. The dividend will be paid to shareholders whose names appear on the Company's share register book on 9 February 2012, with payment to be made on 23 February 2012.

About TTA
Thoresen Thai Agencies Public Company Limited (TTA) is a strategic investment holding company listed on the Stock Exchange of Thailand (TTA:TB). Its investment strategy is to grow through a balanced and diversified business portfolio of transport, energy, and infrastructure assets, both domestically and internationally. TTA's evolution from a dry bulk shipping operator began in 2005 with an investment in subsea engineering firm Mermaid Maritime Public Company Limited, which has since been listed on the Singapore Stock Exchange (MMT:SP). Since then, TTA has acquired interests in fertiliser and logistics (Baconco Co., Ltd.) coal-related businesses (SKI Energy Resources Inc, Merton Group (Cyprus) Limited and Unique Mining Services Public Company Limited), petroleum tankers (Petrolift, Inc) and a port in Southern Vietnam (Baria Joint Stock Company of Service for Import Export of Agro Forestry Products and Fertilizers).

For further information, please contact:
Thoresen Thai Agencies Plc
Ravisada Angkeeros E-mail: ravisada_a@thoresen.com
Tel: +66 2254 8437 Ext. 393 Mobile: +6681398 5098