Report to SET
Signing a Memorandum of Understanding With a Foreign Investor in Relation to a Subsidiary's Loei Copper Project (Area 3)
Padaeng Industry Public Company Limited (PDI) and Puthep Co., Ltd., PDI's wholly owned subsidiary have entered into a memorandum of understanding (MOU) with Pan Australian Resources N.L. (PNA), a listed exploration and mining company on the Australian Stock Exchange on 23 July 1999 to carry out a bankable feasibility study on Puthep's copper project in Area 3, Loei province. Further negotiation on a full joint venture agreement will proceed after both parties' completion of due diligence by the end of November 1999.
The above-referred transactions does not fall in any category according to the SET's rules, procedures and disclosures of information regarding the acquisition and disposition of assets of listed companies nor any connected transactions of listed companies.
Objective of the asset disposition : To rid of non-performing asset which does not enhance the company's main business.
Plan for utilizing proceeds from the asset disposition : To be used as the company's working capital.