SET Announcements

(Translation) Ref: CK-04-0000-PO-L-0293 26 October 2004 Subject Joint of Investment in Subsidiary Company (Additional Clarification) Attention President The Stock Exchange of Thailand Since CH. Karnchang Public Company Limited hereby inform the details in investment in South East Asia Energy Limited as follows : 1. Name : South East Asia Energy Limited has been established since 10 May 2004 - Establishment of objective : As for business operation on transaction management and business management including designing, control and consultant as well as research, marketing, counsels and business operation. - The Promoter of Company Establishment are the followings : 1. Mr. Plew Trivisvavet 2. Mr. Narong Sangsuriya 3. Mr. Somkuan Watakeekul 4. M.L. Prasobchai Kasemsant 5. Major General Apinan Punyapapat 6. Mr. Milton William Shlapak 7. Mr. Van Hoang Dau Mr. Plew Trivisvavet and Mr. Narong Sangsuriya have related with CH. Karnchang Public Company Limited as Directors. - The Company Shareholders at establishment have been followed : No. Names of Shareholders Number of Percentage of Shares Shares Held 1. Mr. Plew Trivisvavet 1 0.001 2. Mr. Narong Sangsuriya 1 0.001 3. Mr. Somkuan Watakeekul 1 0.001 4. M.L. Prasobchai Kasemsant 1 0.001 5. Major General Apinan Punyapapat 1 0.001 6. Mr. Milton William Shlapak 1 0.001 7. Mr. Van Hoang Dau 5,000 5 8. CH. Karnchang Public Company Limited 89,995 89.995 - 2 - - Registered Capital : 1,000,000.- Baht that being allotted into 10,000,000 shares with the par value of 10.- Baht each and 1,000,000.- Baht of paid-up capital. 2. South East Asia Energy Limited has registered for capital appreciation from 1,000,000.- Baht to be 100,000,000.- Baht whereby issuing the ordinary shares for 10,000,000 shares with the par value of 10.- Baht each as to sell to the existing shareholders. 3. CH. Karnchang Public Company Limited as the existing shareholder has bought the shares of capital appreciation in proportion of 8,909,505 shares and has bought totally 495 shares from the shareholders nos.1-5. Since the aforesaid shareholders have not exercised their rights as to reserve to buy the shares of capital appreciation whereby after there have been the buying of the shares of capital appreciation that should have the shareholders and number of shares held as follows : No. Names of Shareholders Number of Percentage of Shares Shares Held 1. Mr. Plew Trivisvavet 1 0.00001 2. Mr. Narong Sangsuriya 1 0.00001 3. Mr. Somkuan Watakeekul 1 0.00001 4. M.L. Prasobchai Kasemsant 1 0.00001 5. Major General Apinan Punyapapat 1 0.00001 6. Mr. Milton William Shlapak 500,000 5 7. Mr. Van Hoang Dau 500,000 5 8. CH. Karnchang Public Company Limited 8,999,995 89.99995 Remarks : - The reason as the shareholders nos. 1-2 who are the directors of CH. Karnchang Public Company Limited have not exercised to reserve their rights. Since the aforesaid shareholders have been the directors of both CH. Karnchang Public Company Limited as well as South East Asia Energy Limited, it shall consequently be deemed not to intend to buy the shares of capital appreciation. This is not to cause any conflict on interest in buying the shares in the company as being directors hereof. - The reason as CH. Karnchang Public Company Limited has exercised its rights to buy the capital appreciation from its shareholders since the nos. 1- 5 of shareholders have not exercised their rights. Therefore, CH. Karnchang Public Company Limited hereby intend to be the major shareholders and to hold shares in portion of the other shareholders of whom having not exercised their rights in full according to the company's number of shares of capital appreciation. The paid-up capital of South East Asia Energy Limited has been 25,750,000.- Baht as being the percentage of 25.75. - 3 - 4. Objective of Joint Investment : Nature of business operation of South East Asia Energy Limited has been the business of which benefits to business operation of CH. Karnchang Public Company Limited on designing, control on construction projects and consultant as well as research, marketing. These should highly be beneficial in the company's business operation. Expecting Advantage : Dividend and consecutive business. 4. The aforesaid list shall be deemed to be the list of asset acquired that the list extent being less than 15% (using the financial budget of the second trimester of 2004). 6. Financial Source : The company's working capital. 7. The Directors of South East Asia Energy Limited are the followings : 1. Mr. Plew Trivisvavet 2. Mr. Narong Sangsuriya 3. Mr. Somkuan Watakeekul 4. M.L. Prasobchai Kasemsant 5. Major General Apinan Punyapapat 6. Mr. Milton William Shlapak 7. Mr. Van Hoang Dau For your information. Sincerely yours, =signature= (Mr. Anukool Tuntimas ) Executive Vice President Human Resource and General Administration