Prasert Bunsumpun to succeed Aswin Kongsiri as Chairman of TTA
Bangkok, Thailand, 19 March 2012 - The Board of Directors of Thoresen Thai Agencies Plc ("TTA") has accepted the resignation of Mr. Aswin Kongsiri as Chairman of the Board and Chairman of the Audit Committee. Succeeding Mr. Kongsiri as Chairman of the Board will be Mr. Prasert Bunsumpun.
Mr. Bunsumpun will become Chairman of the Board on 31 March 2012, the same date that Mr. Aswin's resignation becomes effective. TTA's Nomination and Remuneration Committee shall consider a number of candidates to succeed Mr. Kongsiri as both director and Chairman of the Audit Committee and will announce this appointment after the next Board meeting. Mr. Kongsiri's decision to resign stems from growing commitments and time constraints.
"I would like to take this opportunity to thank Mr. Kongsiri for his service to the Company and its shareholders," said Mr. Bunsumpun. "He has worked tirelessly throughout his tenure towards establishing a rigorous, world-class corporate governance structure at TTA. The level of transparency with which the Company operates today is testament to his formidable efforts. We are grateful that he has agreed to stay on through the end of the month in order to ensure a smooth handover and on behalf of Board and the Company, I would like to wish Mr. Kongsiri all the best in his future endeavours."
"Resigning from TTA's Board was a difficult decision, but one I had to make in light of a mounting list of external commitments, both personal and professional," said Mr. Kongsiri. "With someone as qualified and accomplished as Mr. Bunsumpun succeeding me, I have no doubt that protecting the interests of both the Company and its shareholders will remain the paramount function of the Board going forward. For the remainder of the month, my efforts as well as that of the Board's will be focused on identifying and appointing an appropriate candidate to take on my role as Chairman of the Audit Committee."
Mr. Bunsumpun was elected to TTA's Board by shareholders at the Company's Annual General Meeting of Shareholders ("AGM") on 31 January 2012. He is the former President & CEO of PTT Public Company Limited and today, serves as Chairman of the Board of a number of public companies including IRPC Public Company Limited, PTT Global Chemical Public Company Limited and Thai Lube Base Public Company Limited.
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).