Press Release

The Board of Directors of Padaeng Industry Appointed New President & CEO

The board of directors of Padaeng Industry Public Company has appointed a new President and CEO, effective June 1. In addition, it has also approved the Debt Restructuring Agreement (Amendment Override Agreement) and two other agreements.

Yesterday (May 25, 1999), Padaeng Industry Public Company board of directors’ meeting No. 2/1999 has resolved to appoint Mr. Pinit Vongmasa as the new director and President and CEO in place of Mr. Brett Lambert who has resigned after Western Metals Company rescinded its role of being the major shareholder, effective this June 1, 1999. The board has also appointed Mr. Aswin Kongsiri as a new director and audit committee member replacing the post left vacant by the resignation of Mr. John Grahame Young. The board will have remained one director from Western Metals Company according to the proportion of shares held by the company that now stands at 13 percent.

Mr. Pinit Vongmasa is a highly qualified and experienced executive, especially in business management and marketing. He has managed several Industry businesses in the Siam Cement group for the past 25 years, with many successful track records. Prior to joining Padaeng Industry, he has been the Managing Director of the Siam Kubota Industry Company for approximately five years.

In addition, the board of director’s meeting has also resolved to approved three agreements which were the Debt Restructuring Agreement (Amendment Override Agreement), the Termination Agreement rescinding the share subscription of Western Metals Company, and the New Escrow Agreement. The parties involved which consisted of Padaeng Industry, the nine creditors, and Western Metals group will sign these agreements with in this month.