SET Announcements
FPT DEBT RESTRUCTURING AND AN APPOINTMENT OF A NEW DIRECTOR
No. IR008/2002
10 May 2002
Re: FPT Debt Restructuring and an Appointment of a New Director
To: Director and Manager of The Stock Exchange of Thailand
The Company held the Board of Directors Meeting No. 3/2545
on 10 May 2002, starting from 10:00 hrs. and the meeting passed the
following material resolutions:
1. The Meeting acknowledged the conditions and the execution
of the Second Amendment to Fuel Pipeline Transportation Ltd. (FPT)'s
Debt Restructuring Agreement which was executed on 28 March 2002 with
the approximate debt amount of Baht 3,129 million, whose material
conditions include: repayment of the principle to correspond with
the cash flow balance of FPT and the payment of interest at the rate
of 1% with the outstanding interest at the rate of MLR-1% to be accrued
and to be written off on an annual basis if the debtor is able to make
monthly repayment in accordance with the principle repayment schedule
for a continuous period of 3 years but the debt owing to the Company
with the interest rate of 1% will not be accrued.
In addition, the Company had signed the Agreement for Sale of
Claims with Group 2 Debtors of FPT; whereby the Company is to purchase
and become the creditor in respect of the claim of Baht 415.1 million,
which results in the Company becoming a creditor of FPT in the portion
of 16.054%. The first payment of Baht 207.55 million was made on 29
March 2002 and the balance of Baht 207.55 million will be paid on a
quarterly basis in the amount of Baht 17.30 million for a period of 12
quarters starting from June 2002 until March 2005. Such payment for
the purchase of the guarantee debt will no longer affect the Company's
performance since the Company had set a reserve for such damages in
the Company's financial statement in the year 2001.
2. The Meeting resolved to appoint Mr. Navee Lertpanichkul to be the
director in succession of Mr. Chua Seng Chuan, with immediate effect.
Please be informed accordingly.
Respectfully yours,
Signed _________________
(M.R. Supadis Diskul)
Managing Director
2
BAFS-Summary Resolution_BOD 3-2545 (Eng) Final