Sales of factories to TFUND

BackFeb 19, 2007

LT.F 092/2007

February 16, 2007

Subject Sales of factories to TICON Property Fund (TFUND)

Attention The President The Stock Exchange of Thailand

TICON Industrial Connection Public Company Limited ("the Company") would like to announce that, on February 15, 2007, the Company sold land and factory buildings to TICON Property Fund, details of which are as follows:

1.Transaction date : February 15, 2007
2.Buyer : TICON Property Fund
3.General characteristics of transaction : Sale of assets with transaction value accounted for 1.5 percent of the Company's total asset (as at September 30, 2006). The Company is not required to inform the shareholders in written within 21 days after disclosure of the information to the Stock Exchange of Thailand (SET), according to the SET's regulation.
4.Details of assets : 3 factories located on Nava Nakorn Industrial Promotion Zone, Pathumthani. The said factories are freehold, located on 10.3875 rai of land with a building area of 6,550 square meters in total.
5.Total value of transaction : Baht 118.45 million (payable in full on the transfer date)
6.Book value of assets : Baht 82.49 million (as at February 14, 2007)
7.Criteria to determine the value of transaction :

The value of transaction determined by 14.76 percent discounted from average appraisal value of Baht 138.97 million.N&A Appraisal Co., Ltd. and 15 Business Advisory Limited, (the independent appraisers granted licenses by the SEC and having neither interests relating to the properties norshareholding stake in the Company) expressed their opinions in valuing the properties by applying income approach method due to the recurring income generated by the said properties. The assets value appraised by the 2 appraisers are Baht 128.60 million and Baht 138.97 million, respectively.

(Appraisal reports by N&A Appraisal Co., Ltd. dated August 22, 2006 and by 15 Business Advisory Limited dated August 22, 2006.)

8. Benefits from assets disposition : Another fund for standard factories development
9.Plan to use the proceeds : To develop standard factories
10.Approval of transaction : Approved by the Board of Directors
11. Board of Directors' opinion : The transaction will benefit the Company's expansion.

Please be informed.

 

Yours faithfully,

 

(Miss Lalitphant Phiriyaphant)
Company Secretary