Bangkok--May 11--SET
The Stock Exchange of Thailand (SET) has transferred the securities of
Nakornthai Strip Mill PCL (NSM) from the "REHABCO" sector to " Property and Construction" group under "Construction Materials " sector on 20 May 2005.
NSM 's performance now complies with the SET's guidelines as follows;
for the year 2004, it has been disclosing net operating profits from its core business, a positive shareholder's equity of 18,082 million baht as of 31 December 2004. Moreover, NSM has also successfully completed more than 75% of its debt restructuring and has settled its debt on time.
In addition, the company can demonstate its strong financial position and performance on a continuous basis.
However, NSM's strategic shareholders including creditors who have converted their debts to equity, holding 74.12% of paid up capital(6,661,116,711 shares) and 49.96% of total warrants (1,615,794,000 units), have already entered into a silent period for 18 months. Therefore they will not reenter into a silent period anymore.
NSM, like other companies leaving the REHABCO sector, is required to:
1. Show positive shareholder's equity (after adjustments in accordance
with the auditor's opinion) when leaving the REHABCO sector.
2. Have a net operating profit from the core business for three consecutive quarters or one year before submitting the application.
3. Have successfully restructured over 75 % of its total debt and be able to settle debt on time.
4. Ability to demonstrate its strong financial position and performance on a continuous basis with a supporting consideration of the company's cash flows.
End.