CORRECTION OF INVESTMENT AND COMMITMENT IN AN AFFILIATED...
[Translation]
Ref. PDI.B.02.92/98
8 September, 1998
To : President
The Stock Exchange of Thailand
Re. : Correction of investment and commitment in an affiliated company
and notification of additional resolution of the board of directors
We refer to our letters, ref. PDI.B.02.86/98 of 1 September 1998 and
ref. PDI.B.02.60/96 of 21 April 1996. We would like to inform the SET that
the investment and commitment to be deferred for written-off in Asia
Investment (1995) Co., Ltd., in which PDI has 20% shareholding, should
read approx.Bt1.02m instead of Bt0.1m as previously stated.
In addition, PDI's board of directors at its meeting, No. 5/1998 on 31
August 1998 has also resolved to rectify a transfer of total 20%
shareholding in Erawan Mining Co., Ltd., equal to 3,067,406 shares to a new
group of investors, namely Mr. David M. Docherty and colleagues. The
existing shareholders in Erawan Mining Co. Ltd. - i.e. PDI and PD Puthep
Ltd., its foreign partner, jointly signed in Purchase Agreement with the
new investors on 29 June 1998. In so doing, PDI will receive 5% of total
net earnings if the new group can successfully develop prospecting
areas in Petchabul province into mining operation in the future. And
since PDI's earlier 20% shareholding in Erawan Mining had not been paid
up and booked (unless a decision on feasibility study would be reached);
therefore, PDI has not any investment or commitment to be written off.
Yours truly,
- Signature -
(Arsa Sarasin)
Executive Chairman & CEO