16 January 2003
RESOLUTION ON TRANSFORMATION OF SUBSIDIARY
January 15, 2003
Subject: Resolution on transformation of subsidiary
To: The Directors and Manager
The Stock Exchange of Thailand
BEC World Public Company Limited hereby notify the
resolution of the Board of Directors Meeting of the company
No. 1/2003 which was held on January 15, 2003 as follows:
1. It was resolved approval of the transformation to
become a public company limited of BEC-TERO Entertainment Co., Ltd.
(BEC-TERO), the subsidiary company of the company which the Company
held 60% of its registered and paid-up capital in order to list such
shares in the Stock Exchange of Thailand. It was further resolved
approval of the transformation plan of BEC-TERO.
2. It was resolved approval of the plan to change the par
value of BEC-TERO from Baht 10.- to Baht 1.- and the plan to increase
the capital by Baht 240 Million by issuing new 240 Million shares at
the par value of Baht 1.- each. Such newly issued shares shall be
allotted as follows:
a) 190 Million shares at the par value of Baht 1.- each
shall be allotted to the existing shareholders at the
current shareholding ratio.
b) 50 Million shares at the par value of Baht 1.- each
shall be allotted to the public.
BEC-TERO shall authorize its Board of Directors to consider and
fix the selling price and the subscription period as the Board deems
appropriate.
3. It was resolved approval of the Company's investment in
the additional share capital of BEC-TERO, which was allotted to the
Company, and the shares unsubscribed by the other existing shareholders,
if any.
Please informed accordingly.
Sincerely Yours,
(Chatchai Thiamtong)
Vice President - Finance