December 15,2000
Clarification on Agreement to sell between Padaeng Poongsan Metals Company Limited and PSMT company Limited
Referring to our letter ref. PDI.B02.91/2000 of 13 December 2000, the company would like to further clarify on Agreement to sell between Padaeng Poongsan Metals Company Limited and PSMT Company Limited as follows:
1. PSMT Corporation is a company registered in the business of producing brass sheets & coin blanks and is a wholly-owned subsidiary of South Korea's Poongsan Corporation Ltd.,
2. Since PPM has already written down its asset to Bt123.5m, the effect on PDI consolidated P&L; statement will be that the sale amount of Bt227.85m will be realized as gain on asset sale of approximately Bt104.35m for the financial statement year-end December 31, 2000.
