ข่าวแจ้งตลาดหลักทรัพย์

Loxley Plc (LOXLEY) reported the resolutions made at the company's board meeting no.5/1994 to invest in various projects and to issue convertible debentures. The company's board approved the following investment projects: 1.To jointly invest with CSR Co Ltd to set up a rock wool production plant with a registered capital of Bt300 million. The investment ratio is to be 50:50. Loxley will invest Bt150 million. The project is valued at Bt600 million. The joint investors have already signed the Memorandum of Understanding and expect to sign the joint investment contract around mid- December 1994. 2. To jointly invest with the Laotian government and Avis Co Ltd to operate the rental car business in Laos. The project is valued at Bt10 million. The investment ratio is Loxley: 35%, AVIS: 35% and Lao government 30%. Loxley will invest Bt3.5 million. 3. To set up Loxley Air Liquit Co to produce and sell electricity, gas and chemical products with a registered capital of Bt10 million. Loxley will invest in a 45% stake worth Bt4.5 million. 4. To jointly invest in a hydro-electric dam project in Laos with the Laotian government and the Daewoo Co of Korea to produce electricity for sale to the Electricity Generating Authority of Thailand (EGAT) with a 30-year concession (with the option for extension) with registered capital of Bt1.5 billion. The value of the project is Bt5 billion. Loxley will invest in a 20% stake worth Bt300 million. The joint investors have already signed a Memorandum of Understanding (MoU) and expect to sign the contract soon. 5. To jointly invest with the Communication Authority of Thailand (CAT) to set up an Internet center. The project is valued at Bt25 million with registered capital of Bt14 million. Loxley will invest in a 35% stake worth Bt4.9 million. The above joint investment is for the expansion of the company's business. Loxley will receive benefits in the form of dividends from the joint venture company. Loxley will use its working capital and parts of the proceeds from the issuance of debentures for the investment. The board assigned the company's executive directors to work jointly with the partners and related agencies. In addition, the company's board also approved the issuance of convertible debentures less than or equal to an amount of about US$80-100 million, or Bt2,000-2,500 million (US$1 equals to Bt25) with a maturity of 7-10 years. The debentures will be sold to foreign investors. The company also offered the put option at the end of the fourth or fifth year. Loxley will register these debentures with the London Stock Exchange in England. Other details of the debentures including coupon rate, conversion price, conversion period, etc. ill be considered by the company's board at a later date. The issuance of the debentures will subject to the following conditions: 1. The company needs approval from the related governmental agencies for the issuance of convertible debentures. 2. The market conditions need to be suitable for the issuance and the timing will depend upon the company's board decisions. The board also approved that the company increase its registered capital by reserving a total of 6 million common shares at a Bt10 par worth Bt60 million for the conversion of these convertible debentures. The purpose of the issuance of the debentures is for use in the following projects: 1. To jointly invest with CSR Co in the rock wool production plant (about Bt150 million). 2. To jointly invest in the hydro-electric dam project with the Laotian government and Daewoo Co (about Bt300 million). 3. To invest in the small power producer (SPP) concessions project (about Bt400 million). 4. To invest in the independent power producer (IPP) concessions project (about Bt550 million). 5. To use as the company's working capital in its business expansion such as mobile phones, communication equipment and building materials (about Bt500 million). 6. To pay back the company's short-tem loans (about Bt300 million). 7. To reserve for future investment (about Bt300 million). Loxley expects to use the proceeds stated in around April 1995. Translated by the Nation