Padaeng Industry Plc (PDI) announced appointment of directors and executive directors to replace vacancies, and joint investment in mining exploration. PDI said its board of directors held a meeting no. 6/1996 on November 13, 1996, and the board resolved as follows: 1. To appoint Mr. Nopadol Mantajit, representative director of Finance Ministry and Chief of Department of Mineral Resources, as the company's director and executive director, succeeding Mr. Preecha Attawipat for his remainig period. This was effective from November 13, 1996. 2. To acknowledge the progress of joint investment in the project to explore and develop mineral resources in Myanmar, as summarized below: Name of Joint Venture: Asia Investment (1995) Co., Ltd. This company was established under the law of British Virgin Islands with a registered capital of US$50,000, split into 50,000 shares. Business: Explore and develop resources of gold, copper, zinc, tin, and silver. The company obtained the license from the Myanmese government on September 9, 1996. Shareholding Proportion: Initially, PDI invested in 400 shares or 20% of paid-up shares (2,000 shares), totalling US$40,000 or Bt1.02 million approximately. Investment Objective: To expand the company's business in mineral exploration and development in foreign countries, and to seek more business opportunities in businesses related to its main business. Expected Benefits: In the first stage, an initial exploration will be needed. This will require some time before a decision on mining development can be made. Source of Fund: Company's working capital PDI noted that the joint investment is neither covered as a connected transaction nor acquisition or disposition of listed company's assets. The transaction size, based on data in the most recent reviewed financial statement ending September 30, 1996, accounts for 0.02% of PDI's total assets.