SET Announcements

1600/051/2541 August 7, 1998 The Stock Exchange of Thailand 62 Ratchadapisek Road, Klongtoey Bangkok 10110 Attention : President of the Stock Exchange of Thailand Subject : Clarification On Incorrect News As reported in some newspaper regarding Bangchak capital increase plan, we would like to clarify as follows: In the meeting on June 18, 1998 of the State Enterprise Policy Committee, which chaired by Deputy Prime Minister Dr. Supachai Panitchapakdi, there was a request to increase foreign limit in Bangchak from 10%, as stated in the Article of Association, to 49%, but no approval was given. Instead the committee has given privatization guideline policy which the Deputy Prime Minister himself reiterated on television on July 13, 1998 as follows: - The government has adopted a clear policy whereby sale of BCP+s share will be made firstly to Thai nationals and that it be sold primarily in small lots. Sales to foreign will be limited as such that it would not cause any negative impact to the company+s business culture. - Sales of share belonging to PTT of 24% are to be sold firstly to Thai nationals. - And additional lot of shares from capital increase are to be sold. The number of which will depend on its appropriateness. (which is in accordance with the guidelines passed down by the Finance Minister) The State Enterprise Policy Committee also assigned a subcommittee, chaired by the Permanent Secretary for Finance to study in details under the given guideline policy. The study by the subcommittee has not completed yet. When completed the subcommittee will submit their study result to The State Enterprise Policy Committee for their conclusion. Bangchak has requested the Chairman of The State Enterprise Policy Committee to expedited the study process so that privatization can be implemented timely in accordance with the Government policy. Bangchak will advise SET immediately after the conclusion is available. Yours sincerely, (Mr. Rabil Pornpatkul) Senior Manager, Corporate Planning Office Corporate Planning Office Tel : 301-2842