Inform Changing of Investment in Associated Company
11 June, 2009.
Sor Kor. 0321/2009
Subject Inform Changing of Investment in Associated Company
To Managing and Director
The Stock of Thailand
Sikarin Public Company Limited ("Company") may report changing of investment in
Sikarin Hadd Yai Hospital Company Limited ("Associated Company") as following:
1). Reduction of the registered capital.
On September 9, 2008 Sikarin Hadd Yai Hospital Company Limited
("Associated Company") operated by rehabilitation Plan Red Case No. For.35/2550
of Central Bankruptcy Court has an order to reduce the registered capital from
650
Million Baht to 65 Million Baht of remaining of the registered capital. The
decreasing
of the registered capital from 65,000,000 shares to 6,500,000 shares, the par
value is
10 Baht The company still has the same proportion of share , that is 48% of the
registered capital in associated company. The company has provided fully
allowance
for impairment of such investment in associated company.
2). Increasing of the registered capital.
On May 20, 2009 associated company has been registered by increase
capital
65,000,000 Baht to 265,000,000 Baht as issue increase the ordinary share
20,000,000
shares par 10 Baht. The object is to be operated by rehabilitation plan, red
case no.
for.35/2550. As the rehabilitation planner has been informed to shareholder
that the
stock ratio will be allocated of Sikarin Public Company Limited amount 9,600,240
shares total 96,002,400 Baht. The Meeting of Company's Board of Directors No.
6/2009 on June 11, 2009 has resolved unapproved to increase capital in
associated
company as cause
1. To keep up the creditors and shareholders with trust, because the rising of
the
business profit and dividend payment and try not to make burdensome problem
to the
company.
2. The company has a plan to expand the hospital area such as, a new building
and
car park, which the budget should not spare to other project else.
3. The rehabilitation plan is 5 years expired, from 2008 to 2013. The company is
surely not that the plan will be followed. Otherwise, the company will be in the
bankrupt procedure.
-2-
4. From the world economy which refer to Thailand today, plus with the Sikarin
Had-
Yai Hospital's location is not persuade enough for investment. The vision is not
clearly in this way.
From above reasons, there are decreasing of the proportion from 48 % to 11.77
% of
the registered capital in associated company.
This execution is not involved of the connected transaction and the receiving
and the
sold out of the assets as specified in (No. 4) 2551 of the Securities and
Exchange Act
notice by Board of the Securities and Exchange.
Please notify the shareholders and investors as deemed necessary.
Yours Faithfully,
(Mr.Somphol Wongaurai)
Executive Director