24 พฤษภาคม 2553
The riot and the fire incident of CentralWorld Project
- Translation -
May 24, 2010
Subject Notification of the riot and the fire incident of CentralWorld Project
To The President,
The Stock Exchange of Thailand
Central Pattana Public Company Limited and its subsidiaries (CPN) have engaged
in long-term lease contract for land and properties of CentralWorld Project
(under the name of Thai Business Fund 4) from the Crown Property Bureau which
includes:
1) CentralWorld Shopping Complex
2) The Offices at CentralWorld
3) Zen Department Store (CPN's tenant with long-term lease contract)
4) Isetan Department Store (CPN's tenant with long-term lease contract)
5) Partial of lands in which CPN has subleased to Central Plaza Hotel
Public Company Limited for constructing and engaging hospitality
business of Centara Grand Hotel at CentralWorld.
Regarding the riot and the fire incident of CentralWorld Project on May 19,
2010, the preliminary investigation has shown the deterioration on
CentralWorld as follows:
- Major devastation on Zen Departmentstore
- Partial damage on CentralWorld Shopping Complex
CPN would like to inform that CentralWorld Project is insured for all causes
of damages and losses. However, the claims on the incident are under the
process of assessing and investigating from relevant independent experts and
insurance companies.
Any closure for renovation or reconstruction of Zen Department Store, Isetan
Department Store, and other tenants engaging in long-term lease contract will
not significantly affect the revenue of CPN as long-term lease contracts
constitute no monthly payment. In addition, CPN has the protection under the
business interruption insurance for the loss of revenue from tenants under
short-term lease contract (monthly rental payment).
Focusing on safety and security precautions, CPN will ensure that CentralWorld
Shopping Complex will resume as soon as possible.
Furthermore, the other 14 shopping complexes, under CPN management, have been
normally operated.
Please be informed accordingly,
Yours faithfully,
- Signature -
(Miss Naparat Sriwanvit)
Company Secretary