LT.F 261/2007
October 31, 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 October 30, 2007, the Company sold land and factory buildings to TICON Property Fund, details of which are as follows:
| 1. Transaction date : | October 30, 2007 |
| 2. Buyer : | TICON Property Fund |
| 3. General characteristics of the transaction : |
Sale of assets with transaction value accounted for 20.1 percent of the Company's total assets (as at June 30, 2007). (The Company is required to inform the shareholders in writing 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 : |
47 factories located on Industrial Estates/ Industrial Park/ IndustrialPromotion Zone as follows;
The said factories, located on 146.14975 rai of land, have a building area of 95,925 square meters in total. |
| 5. Total value of transaction : | Baht 1,940 million (payable in full on the transfer date) |
| 6. Book value of assets : | Baht 949.28 million (as at October 29, 2007) |
| 7. Criteria to determine value of the transaction : | The value of the transaction was determined at a 3.73 percent discount from the average appraisal value of Baht 2,015.175 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 nor shareholding stake in the Company) expressed their opinions on the valuing of the properties by applying the income approach method due to the recurring income generated by the said properties.On May 25, 2007, the assets value appraised by the 2 appraisers were Baht 2,091.35 and Baht 1,939.00 million, respectively. |
| 8. Benefits from assets disposition : | Provides funds 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 business expansion. |
Please be informed.
Yours faithfully,
(Miss Lalitphant Phiriyaphant)
Company Secretary
Finance Department
Telephone number : 02-679-6565
Facsimile number : 02-287-3153