15 July 2009
Restructuring of the investment in a subsidiary company
July 15, 2009
TO: President
Stock Exchange of Thailand
RE: Restructuring of the investment in a subsidiary company
BEC would like to inform that BEC-Tero Entertainment Plc.
[BEC-Tero] - our subsidiary which BEC holds 60% of the paid up capital
and the substantial portion of the rest is held by non - connected
parties,had restructured the investment in BEC-Tero Arsenal Company
Limited - a subsidiary which BEC - Tero held100% of the paid up
capital comprising of 3.6 million common shares with fully paid-up
at Baht 5 each; the company which originally set up to manage
a football team and other related business. The restructuring occurred
during the 2nd quarter of this year as follows:
-In May 2009 the name of the company was changed from BEC-Tero Arsenal
Company Limited to be BEC-Tero COMCOM Company Limited [BEC-Tero
COMCOM].
-In June 2009, BEC-Tero sold 49% of its investment in BEC-Tero COMCOM
to COMCOM AS, a limited company organized and existing under the
laws of Norway a non - connected party; at the amount of
1,764,000 shares, at Baht 1.7 per share, amounting to Baht
3,000,809 -- the share price which is 25% higher than the book
value; which decreased its shareholding proportion to 51%, and change
its business to be the sale of commercial advertisements and
sponsorship on the idle-screens of mobile telephones through
mobile operators in Thailand. The value of the transaction is 0.05% of
the total assets of the company at the end of the 1st quarter of
2009. This transaction is to have COMCOM AS - the leader of the
new technology on mobile telephone, as a significant partner to do
the new business.
-In July 2009, BEC-Tero COMCOM increased its authorized capital from
Baht 18 million to Baht 28 million, by issuing 2,000,000 new
common shares at par value Baht 5 per share; offering to the existing
shareholders. BEC-Tero has increased its investment by acquiring
1,020,000 shares amounting to Baht 5.1 million to maintain
the shareholding proportion at 51%.
Please be informed accordingly.
Yours sincerely,
(Mr.Chatchai Thiamtong)
Vice President - Finance