REPORTS ITS JOINT INVESTMENT
12 September 1996
Loxley Plc (LOXLEY) reported that at its meeting, held on September
11, 1996, the board of directors resolved to joinly invest with Bangkok
Telecom Co.,Ltd.(BTC) to incorportate Thai Fiber Optic Co.,Ltd., to make
fiberglass cable.
The newly incorporated company will have a registered capital worth
Bt100 million. LOXLEY will invest Bt40 million or equivalent to 40% of
registered capital and the remaining 60% was taken by BTC. The company
used working capital as the source of funds for the investment.
Additionally, the company will regain its investment in the form of
dividends as well as capital gains.
The transaction was equal to 1.19% of the company's assets which
does not fall under the SETs rules. It was also not considered a
connected transaction.