Ref: SEAFCO-09-013
Date: 17th June 2009.
Subject: Additional clarification of Charisma Ekkamai project's doubtful debt following up
Attention: President Stock Exchange of Thailand
Regarding to Seafco Public Company Limited's following up Charisma Ekkamai project's doubtful debt and the Instyle Estate Ekkamai Co.,Ltd.'s transferring property right of the two units in order to make additional payment of the debt, Seafco would like to clarify further as follows:- 1. The two units total value of (incl.VAT) THB5,696,100.- is the market price. 2. Seafco PLC. has made an agreement with Instyle Estate Ekkamai that within 3 years, Instyle Estate Ekkamai can buy back both two units at the price of THB5,696,100.00- plus interest 7.5% per year. But if over than 3 years, Instyle Estate Ekkamai can not buy back the units, Seafco PLC. will sell the units to other people. In case the units have not been sold, Seafco PLC. will offer the units for rent to other people. And while the units are not rent, Instyle Estate Ekkamai will be responsible to Seafco for paying the units monthly maintenance fee.
For your information
Sincerely yours,
Seafco Public Company Limited.
Narong Thasnanipan
President
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