Report on additional 40% investment in a subsidiary company
-Translation from Thai text-
3 August 2007
Subject: Report on additional 40% investment in a subsidiary company
To: President The Stock Exchange of Thailand ("the SET")
Pico (Thailand) Public Co., Ltd. ("Pico") resolved in its Board of Directors' meeting no. 4/2007 held on August 3, 2007 to acquire additional shares of Artcom Graphic Co., Ltd. as per the following details:
1. To acquire additional 40% shares of Artcom Graphic Co., Ltd.
| Company Name | Artcom Graphic Co., Ltd. | ||||||||||||||||||||||
| Registered Capital | 10,000,000 Baht | ||||||||||||||||||||||
| Paid-up Capital | 10,000,000 Baht | ||||||||||||||||||||||
| Purpose of the additional acquisition | To invest in this company whose business is directly supportive to Pico's core business and enables Pico to engage with full management and control. | ||||||||||||||||||||||
| Number of shares | 39,994 shares | ||||||||||||||||||||||
| Price per share | 96.92 Baht | ||||||||||||||||||||||
| Existing shareholding structure: | 1. Pico (Thailand) Public Co., Ltd. | 60% | |||||||||||||||||||||
| 2. X-con Co., Ltd. | 15% | ||||||||||||||||||||||
| 3. Mr. Woraphong Sitthimol | 14.90% | ||||||||||||||||||||||
| 4. Mr. Sangwien Phochairat | 5% | ||||||||||||||||||||||
| 5. Mr. Narong Phuseenam | 5% | ||||||||||||||||||||||
| 6. Miss Nitida Thamasoontra and Mr. Silchai Kiatpapan holding totally | 0.10% | ||||||||||||||||||||||
| New shareholding structure: |
The Company will acquire additional 40% of outstanding shares held by the existing shareholders as follow;
After combined with the Company's current shareholding, Pico will become 100% shareholder of Artcom Graphic Co., Ltd. The majority of the shareholders of Artcom Graphic Co., Ltd. are not related persons defined by the SET except Miss Nitida Thamasoontra and Mr. Silchai Kiatpapan who are directors of Pico and altogether held only 0.1% of total shares.
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| Year-ended Financial results of Artcom Graphic Co., Ltd. are as follows: |
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| Amount invested 39,994 shares : | price per share is Baht 96.92 | ||||||||||||||||||||||
| Reason for purchasing price below par value: |
This is due to operating loss of Artcom Graphic Co., Ltd. in the financial year in which the transaction is made. Director Expected benefits | ||||||||||||||||||||||
Please be informed accordingly.
Yours sincerely,
-Signature-
(Mr. Silchai Kiatpapan)
Director
Attachments
20070806_picoE.pdf (Size: 45,275 bytes)