24 December 1996
REPORTS ON SALE OF SHARES IN CENTRAL PATTANA CHONBURI CO
Central Pattana Plc. (CPN) reported, referring to its contract with
Rodamco Thailand B.V. (Rodamco) to jointly invest in Central Pattana
Chonburi Co., Ltd. (CPC), saying that it has made a contract to amend the
joint investment proportion and it has sold its shares in CPC, amounting
to 15% of the registered capital, to Rodamco. The details are as below:
1. Date of Transaction: December 23, 1996
2. Transaction Objective: To enhance efficiency of the shopping mall
business operation of Central Plaza Chonburi Project
3. Registered Capital of Central Pattana Chonburi Co., Ltd: Bt350
million, of which Bt245.3 million has been paid up
4. Joint Investment Proportion: CPN presently holds 2,625,000 shares,
accounting for 75%, and Rodamco possesses 875,000 shares, representing
25% of CPC's registered capital.
CPN and Rodamco have agreed to change the investment proportion
in CPC. For this, CPN has sold 525,000 shares in CPC, accounting for 15%
of the registered capital, to Rodamco. The shares sold can be divided as
follows:
1) An amount of 1,500 shares, fully paid up
2) An amount of 523,500 shares, each paid up by Bt70
After this selling, CPN holds 2.1 million shares or a 60%-stake in CPC
while Rodamco possesses 1.4 million shares accounting for 40% of CPC's
registered capital.
5. Total Value of Remuneration: The shares was sold at Bt37,963,797
totally.
6. Criteria to Determine Renuneration: Shares' paid-up value and
interest during the holding period
7. Calculation Under Asset Disposition Criteria: CPN confirmed that
the transaction did not fall under the criteria concerning asset
acquisition/disposition.