Press Release

13/Jul/00
Padaeng Industry appoints Managing Director.

Padaeng Industry Public Company Limited has named a Managing Director and new Directors and endorsed the new management structure at the extra-ordinary shareholder meeting on July 13.

The meeting approved the new structure of the company’s Board of Directors, adding two new members to sit on the existing nine-member board. To bring it in line with the new shareholding structure after Belgian-based Union Miniere,S.A. (UM) bought new shares in Padaeng Industry Public Company Limited, the meeting appointed an additional four directors, namely 1.Mr. Karel Vinck 2. Mr. Jean -Luc Deleersnyder 3. Mr. Christian Lemaitre and 4. Mr.Andre R.Van der Heyden who was also named the company’s Managing Director, while Mr. Pinit Vongmasa who remaines as Chief Executive Officer.

Mr.Andre R.Van der Heyden, who has long been experienced in the metal business, is currently Senior Vice President of Union Miniere, S.A. and Chairman of the International Zinc Association (IZA).

Union Miniere, S.A. is one of the largest companies in the non-ferrous metal industry, producing and selling more than 20 different types of metals. Its zinc business amounts to 550,000 metric tonnes per year in sales.

On May 12, Union Miniere signed a share subscription agreement to buy 75.1 million new shares at 13.50 baht per share, totaling 1,013 million baht from Padaeng Industry Public Company Limited.When counting Union Miniere’s existing holding of 12.6 million shares, as it reported to the Stock Exchange of Thailand on May 19 and another 6.5 million shares it bought earlier from Western Metals of Australia, Union Miniere holds altogether 94.2 million shares or 41.69% of total shares of Padaeng Industry Public Company Limited.

Today’s meeting also endorsed the company’s new management structure to include a strategic committee, formed to prepare and submit the report of the company’s operating plan and operating assessment as well as provide suggestions to the company’s Board of Directors. The strategic committee includes Mr.Pinit Vongmasa, Mr.Andre R.Van der Heyden, Mr Vinai Vamvanij and Mr.Jean -Luc Deleersnyder.