SET Announcements

Fully Paid up Of Holding Nature of Business Relationship Share Capital 1999 1998 Associated Companies - At Equity Loxley CSR Insulation Company Produce and distribute Limited glasswool material Shareholders Baht 275,000,000 - 50 Saxon (Thailand) Company Limited Blending castrol lubricants Shareholders Baht 10,000,000 50 50 Castrol (Thailand) Company Limited Distribute lubricants Shareholders Baht 40,000,000 49 49 Thai Fiber Optic Company Limited Optic Cable Shareholders Baht 100,000,000 40 40 Ericsson Thai Network Company Limited Outside plant services Shareholders Baht 15,000,000 33 33 Lao soft Drink Company Limited Produce and sale soft drink in Lao Shareholders Kip 1,383,452,576 30 30 Loxley Aluminium and Engineering Design and installation glass Company Limited and aluminium Shareholders Baht 54,000,000 30 30 Newspager Corporation Limited Sale and service of pager in USA Shareholders USD 4,896,895 27 27 Thai Cellulose Products Company Manufacturing of sodium carboxy Limited metholy cellulose Shareholders Baht 180,000,000 26 26 Lao Brewery Company Limited Produce and sale beer in Lao Shareholders Kip 13,640,021,581 26 26 BHP Steel Building Product Produce and distribute lysaght (Thailand) Company Limited metal sheet Shareholders Baht 83,500,000 25 25 Houay Ho Power Company Limited Hydropower Shareholders USD 50,000,000 20 20 Thai Flying Service Company Limited Aviation business Shareholders Baht 50,000,000 - 25 Related and Other Companies Available - for - sale securities - at fair value in 1999 and at the lower of the aggregate cost or the aggregate market value in 1998 Thai Telephone and Telecommunication Public Telephone service Company Limited concession Shareholders Baht 11,250,000,000 13 13 Phatra Insurance Public Company Limited Insurance business Shareholders Baht 200,000,000 8 8 General Investments - at cost BHP Steel (Thailand) Company Produce and distribute Limited lysaght metal sheet Shareholders Baht 2,500,000,000 18 18 The Preferred Shares - Subordinated Debentures of Thai Farmers Bank Plc. Fund Fund manager Shareholders Baht 40,000,000,000 0.25 - Space Imaging, Inc. Satellite photography Shareholders USD 252,000,000 0.8 0.8 - 13 - In Thousand Baht Investment - At Cost Investment - At Equity Dividend 1999 1998 1999 1998 1999 1998 Associated Companies - At Equity Loxley CSR Insulation Company Limited - 137,500 - - - - Saxon (Thailand) Company Limited 5,000 5,000 77,185 133,333 39,976 24,985 Castrol (Thailand) Company Limited 19,600 19,600 356,544 312,678 58,794 9,799 Thai Fiber Optic Company Limited 40,000 40,000 - 4,404 - - Ericsson Thai Network Company Limited 5,000 5,000 6,553 10,710 3,998 5,922 Lao soft Drink Company Limited 25,715 25,715 32,071 44,656 5,340 9,702 Loxley Aluminium and Engineering Company Limited 16,135 16,135 - - - - Newspager Corporation Limited 98,746 98,746 29,365 38,667 - - Thai Cellulose Products Company Limited 46,800 46,800 - - - - Lao Brewery Company Limited 129,480 129,480 150,161 159,754 26,670 63,146 BHP Steel Building Product (Thailand) Company Limited 20,875 20,875 95,584 91,452 - - Houay Ho Power Company Limited 254,234 254,234 368,842 423,888 - - Thai Flying Service Company Limited - 16,875 - 12,440 - - Others 92,807 92,807 25,545 18,574 780 - Total 754,392 908,767 1,141,850 1,250,556 135,558 113,554 Grand Total 1,902,836 1,926,011 2,298,219 2,251,724 135,558 113,554 Related and Other Companies Available - for - sale securities - at fair value in 1999 and at the lower of the aggregate cost or the aggregate market value in 1998 Thai Telephone and Telecommunication Public Company Limited 2,011,435 1,753,873 - - Phatra Insurance Public Company Limited 194,279 35,621 13,061 14,530 Others 6,055 13,788 210 - Total 2,211,769 1,803,282 13,271 14,530 Less allowance for impairment in value of available - for - sale securities ( - ) ( 934,244) Net 2,211,769 869,038 General Investments - at cost BHP Steel (Thailand) Company Limited 450,000 450,000 - - The Preferred Shares - Subordinated Debentures of Thai Farmers Bank Plc. Fund 100,000 - 5,153 - Space Imaging, Inc. - 51,133 - - Others 110,132 87,340 150 150 Total 660,132 588,473 5,303 150 Less allowance for impairment in value of general investments ( 20,000) ( - ) Net 640,132 588,473 - 14 - The Company accounted for the investments in Loxley Hitachi Cable Engineering Company Limited and investments in Thai Telephone and Telecommunication Public Company Limited by the equity method. Subsequently in 1997 and 1996, the Company sold a portion of investments which effected the percentage of shareholding in the said companies reduced to be less than 20%. As a result, the Company changed the accounting method for these investments to the cost method by using the outstanding balance of investments under the equity method as cost of the investments. The Company accounted for the investment in Thai Flying Service Company Limited by the equity method. Subsequently in 1998, the Company had not excercised the right to acquire the increasing in the company's authorized share capital which effected the percentage of shareholding in the said company reduced to be less than 20%. As a result, the Company changed the accounting method for this investment to the cost method by using the outstanding balance of investment under the equity method as the cost of investment. As at June 30, 1999, investments in marketable securities held as available-for-sale securities which are classified as long-term investments are valued at fair value, based on the latest bid price from the Stock Exchange of Thailand. The difference between the book value and fair value of the available-for-sale securities is recorded as a separate component of shareholders' equity in the balance sheet. As at June 30, 1998, such investments were valued at the lower of the aggregate cost or aggregate market value which the aggregate market value of the available-for-sale securities was lower than the aggregate cost by approximately Baht 934.2 million. The value adjustment was recorded as "Allowance for impairment in value of available-for-sale securities" as part of "Shareholders' Equity" in the Balance sheets. 8.LOANS TO RELATED COMPANIES Consolidated These consists of: In Thousand Baht Interest Rate Amount Objective 1999 1998 1999 1998 Short - Term Loans L.B.L. Algamate Partnership Ltd. For operations MOR MOR 238,850 184,850 Multimedia Telephony, Inc. (Philippines) For operations PHIBOR+2.5% PHIBOR+2.5% 96,014 104,713 Others 41,358 91,230 Total Short-Term Loans 376,222 380,793 Less Allowance for Doubtful Accounts ( 10,400) ( - ) Short-Term Loans - Net 365,822 380,793 - 15 - In Thousand Baht Interest Rate Amount Objective 1999 1998 1999 1998 Long-Term Loans Thai Telephone and Telecommunication Public Company Limited For operations MLR+0.5% MLR+0.5% 375,000 375,000 LoxComm B.V. Co., Ltd. For operations 15.00% - 35,670 - Thai Cellulose Products Company Limited For operations - MOR+1% - 10,400 Total Long-Term Loans 410,670 385,400 Less Allowance for Doubtful Accounts ( - ) ( 10,400) Long-Term Loans - Net 410,670 375,000 The Company These consists of: In Thousand Baht Interest Rate Amount Objective 1999 1998 1999 1998 Short-Term Loans L.B.L Algamate Partnership Ltd. For operations MOR MOR 238,850 184,850 Multimedia Telephony, Inc. (Philippines) For operations PHIBOR+2.5% PHIBOR+2.5% 96,014 104,713 Others 67,429 118,398 Total Short-Term Loans 402,293 407,961 Less Allowance for Doubtful Accounts ( 10,400) ( - ) Short-Term Loans - Net 391,893 407,961 Long-Term Loans Thai Telephone and Telecommunication Public Company Limited For operations MLR+0.5% MLR+0.5% 375,000 375,000 Loxley Broadcast and Media Company Limited For operations - 15.75% - 18,469 Thai Cellulose Products Company Limited For operations - MOR+ 1% - 10,400 Total Long-Term Loans 375,000 403,869 Less Allowance for Doubtful Accounts ( - ) ( 28,869) Long-Term Loans - Net 375,000 375,000 - 16 - 9.SHORT - TERM LOANS AND ADVANCE FROM RELATED COMPANIES Consolidated These consist of: In Thousand Baht Interest Rate Amount Objective 1999 1998 1999 1998 Short-Term Loans Asia Pacific Post Co., Ltd. For operations - 15.75% - 19,425 C.T.W. Bata Company Limited For operations MOR+1% - 9,000 - Advance Loxley Utilities Services Co., Ltd. and Siripong Construction Partnership Ltd. Joint Venture For operations - - 7,270 5,670 Other 2,981 - Total Short-Term Loans and Advance 19,251 25,095 10.EURO CONVERTIBLE BONDS During the second quarter of 1995, the Company offered the Euro Convertible Bonds in the foreign countries with a total face value of U.S. Dollars 100 million (divided into 100,000 bonds at U.S. Dollars 1,000 principal amount) (ECD 1), or equivalent to Baht 2,455 million contingent on the exchange rate fixed at the time of conversion or redemption. The bonds bear interest at the rate of 3.5% p.a. after withholding tax and will be due for redemption on April 20, 2005. However, the bondholders, pursuant to the stipulated conditions in the prospectus, may exercise their conversion rights at any time from July 20, 1995 up to March 20, 2005 at the conversion price of Baht 500 per share, or put redemption option at prior maturity on April 20, 2000 at the price with premium totalling U.S.Dollars 1,310 per share. In addition, the Company, pursuant to the stipulated conditions in the prospectus, may mandatorily redeem all or some of the bonds at any time from May, 1998 to April 20, 2000 at the price with premium totalling U.S. Dollars 1,237 per share or U.S. Dollars 1,310 per share, depend upon the period of redemption. (More)