SET Announcements

Tor. 17/2544 April 10, 2001 Subject : Progress on Debt Restructuring Plan To : President The Stock Exchange of Thailand According to the shareholder's approval on debt restructuring plan (ECD1 and ECD2) and continuously reported to the Stock Exchange of Thailand, Loxley Public Company Limited, "the Company" please to inform that our debt restructuring process were completed as follows: 1. The Company had already issued 65 million shares and offered to the existing shareholders and traded in the Stock Exchange of Thailand on January 22, 2001. The Company received Baht 568.75 million to sell shares on this process. 2. The Company had already issued 10 million shares and offered to the directors and employees and traded in the Stock Exchange of Thailand on March 14, 2001. The Company received Baht 87.50 million to sell shares on this process. 3. The Company had already issued 85 million shares to ECD holders who exercised their rights to convert ECD1 and ECD2. There were totally 84,807,897 shares to converted and consisted of: - ECD 1 holders exercised their right to convert 42,419,250 shares - ECD 2 holders exercised their right to convert 42,388,647 shares The remaining shares in the amount 192,103 shares was due to ECD holders given up the conversion right. The Company will deal with the remaining shares by reporting to the shareholders and find out the resolution. The proceeds obtained from the capital increase shall be used as the Company's working capital to enhance its capability. After such conversion, the indebtedness under ECD1 and ECD2 will be reduced and remain only US$140 million. The repayment of US$140 million shall be extended to 8 years with bear interest, ranging from 7.00% to 8.75% per year. This remain indebtedness shall be without the feature of conversion right into the Company's shares. Following the aforementioned restructuring, each ECD and accrued interest will be terminated . Please be notified accordingly. Sincerely yours, Loxley Public Company Limited (Mr. Suraphand Bhasitnirandr) Executive Vice President