Discontinued the Ownership of Subleased the office space

Translation

Ref.AIT/06-711

December 6, 2006

Subject: Discontinued the Ownership of Subleased the Office Space

Attention The President The Stock Exchange of Thailand

The Thai Factory Development Public Company Limited would like to inform that the Company had discontinued the ownership of subleased the office space at JC Kevin Tower, located on No. 98, Narathiwat-Ratchanakarin Rd., Yannawa, Sathorn, Bangkok with APC Assets Co., Ltd. and ACST Capital Assets Co., Ltd., details as follows:

 

1. Transaction date:	December 6, 2006
2. The parties involved:	APC Assets Co., Ltd. and ACST Capital Assets Co., Ltd.
	- Relationship with the company :	None
3. The general characteristics of the transaction	- Transaction class:	Receiving of payment by discontinued the ownership of subleased the office space
	- Transaction volume :	21.51% of the total assets
	- The basis used to consider the volume :	Value per total amount of assets with appear in the Company's balance sheets as at September 30, 2006 (Bt. 290,000,000 / 1,348,083,769)
4. Details of the assets :	The ownership of subleased the office space at JC Kevin Tower with the total area of 11,790.38 sqm.
5. The total value of the consideration :	Bt 290 million
6. The value of assets :	Bt 246,079,508.- (Book Value as at the transaction date)
7. The basis used to determine the value of consideration :	As per contract valuation
8. Independent Appraiser :	Brooke Real Estate Co., ltd.
	- Basis used to appraise :	Calculated by Discounted Cash Flow Method
	- Appraisal value :	Bt 276,000,000.-
9. The benefit expected to be received :	The Company will receive the appropriated income and enhance the financial liquidity
10. The proposed utilization :	Loans repayment and invest into the other projects with high potential income
11. Transaction approval :	Approved by the Board of the directors' meeting no. 2/2006 on March 20, 2006
12. Boards opinion :	The Company will receive an appropriated gain, and will invest those received amount into the Company's business.

 

Please be informed accordingly.

 

Yours faithfully,

(Mrs. Siriporn Pinprayong)
Assistant Managing Director
Administration Information Technology