SET Announcements

1600 / 151 / 2003 August 29, 2003 The Stock Exchange of Thailand 62, Ratchadapisek Road, Klongtoey Bangkok 10110 Subject : The resolutions of the Extraordinary Shareholders' Meeting #1/2003 Attention : President of The Stock Exchange of Thailand As The Bangchak Petroleum Public Company Limited held its Extraordinary Shareholders' Meeting on August 29th , 2003 at 1:00 p.m. at the Meeting Room of Bangchak's Head Office, 210 Sukhumvit 64 Road, Phrakanong, Bangkok, the Company would like to inform the resolutions of such meeting as follow : 1. Certify the minutes of the 2003 General Shareholders' Meeting. 2. Approve the decrease of the Company's registered capital from 7,720,409,400 Baht to 5,220,409,400 Baht, by canceling 250,000,000 shares which have not been issued and sold, and the outstanding shares will be 522,040,940 shares. 3. Approve the amendment to Article 4 of the Company's Memorandum of Association in order to be consistent with the capital decrease. 4. Approve the Financial Restructuring Plan of the Company as follows; 4.1 Approve the transfer of reserves to compensate the accumulated loss of the Company as follows: A. Legal reserve 547,594,555 Baht and B. Share premium 2,007,950,671 Baht 4.2 Approve the decrease of the registered capital from 5,220,409,400 Baht to 522,040,940 Baht, by reducing the par value of the shares from 10 Baht per share to 1 Baht per share, in order to compensate the accumulated loss of the Company amounting to 4,698,368,460 Baht. 4.3 Approve the change of the par value of the shares from 10 Baht per share to 1 Baht per share. 4.4 Approve the amendment to Article 4 of the Company's Memorandum of Association in order to be consistent with the capital decrease in agenda 4.2 and the change of the par value in agenda 4.3. 4.5 Approve the increase of the Company's registered capital from 522,040,940 Baht to 1,682,040,940 Baht, by issuing 1,160,000,000 new common shares, having the par value of 1 Baht per share. 4.6 Approve the amendment to Article 4 of the Company's Memorandum of Association in order to be consistent with the capital increase in agenda 4.5. The Board of Directors or any person authorized by the Board shall have the authority to set and/or change the details and conditions of the shares' issuance and offering, including any transaction relating to the Office of the Securities and Exchange Commission, the Securities Exchange of Thailand and any other authority involved with the shares' issuance and offering. 4.7 Approve the issuance and offering of convertible debentures, secured and/or unsecured, subordinated and/or unsubordinated, total value not exceeding 4,000 million Baht or its equivalent in any other currency, with maturity term of not exceeding 10 years. The debentures can be converted to the Company's common shares pursuant to the conditions specified by the Company. The debentures will be offered to the public and/or specific investors and/or institutional investors, both in and/or outside Thailand. The offer may be made at one or several times. The Board of Directors or any person authorized by the Board shall have the authority to set and/or change the details and conditions of the issuance, offering and allotment of the convertible debentures, including any transaction relating to the Office of the Securities and Exchange Commission, the Securities Exchange of Thailand and any other authority involved with the issuance and offering of the convertible debentures, as well as to have the said convertible debentures listed in the Securities Exchange of Thailand. 4.8 Approve the issuance and offering of warrants in the amount not exceeding 260 million units, with maturity term of not exceeding 10 years in accordance with the terms and conditions specified by the Company. The warrants will be offered to the public and/or specific investors and/or institutional investors, both in and/or outside Thailand. The offer may be made at one or several times. The Board of Directors or any person authorized by the Board shall have the authority to determine the time period for the issuance and offering of the warrants, depending on the suitability of the marketing condition during that time. The Board of Directors or any person authorized by the Board shall also have the authority to set and/or change the details and conditions of the issuance and offering of the warrants, including any transaction relating to the Office of the Securities and Exchange Commission, the Securities Exchange of Thailand and any other authority involved with the issuance and offering of the warrants, as well as to have the said warrants listed in the Securities Exchange of Thailand. 4.9 Approve the allotment of the newly issued shares as follows: A. To allot not exceeding 300 million common shares, by offering to the public and/or specific investors and/or institutional investors, both in and/or outside Thailand. B. To allot not exceeding 600 million common shares to support the exercise of right of the convertible debentures issued and offered. C. To allot not exceeding 260 million common shares to support the exercise of right of the warrants issued and offered. In case there are any shares remaining after the allocation for warrant exercise or in case the Board deems it unsuitable to issue and offer the warrants, such shares shall be offered to the public and/or specific investors and/or institutional investors, both in and/or outside Thailand. The Board of Directors or any person authorized by the Board shall have the authority to set and/or change the details and conditions of to the issuance, offering and allotment of the shares, including any transaction relating to the Office of the Securities and Exchange Commission, the Securities Exchange of Thailand and any other authority involved with the issuance and offering of the shares, as well as to have the said shares listed in the Securities Exchange of Thailand. 4.10 Approve the issuance and offering of the debentures, secured and/or unsecured, subordinated and/or unsubordinated, total value not exceeding 7,000 million Baht or its equivalent in any other currency, with maturity term of not exceeding 10 years. The Board of Directors or any person authorized by the Board shall have the authority, at one or several times, to issue and offer the debentures to replace the redeemed debentures under any forms, provided, however, that the debentures which have been sold shall, at any time, not exceed the total value stipulated above. The Board of Directors or any person authorized by the Board shall also have the authority to set and/or change the details and conditions of the debentures' issuance and offering, including any transaction relating to the Office of the Securities and Exchange Commission, the Securities Exchange of Thailand and any other authority involved with the debentures' issuance and offering. Please be informed accordingly. Yours sincerely, (Kiatchai Maitriwong) Assistant Vice President, Corporate Planning Office Corporate Planning Office Tel: 0-2335-4583