Bangkok--8 Mar--TICON Industrial
TICON Industrial Connection Public Company Limited (TICON) announced that Thailand Equity Fund (‘TEF”) the sole owner of the company’s 50 million convertible preference shares agreed to convert all its preference shares into ordinary shares.
“Given the desire to ensure equal treatment of all shareholders, the Company has asked Thailand Equity Fund to convert its preferred shares into common shares of the Company at a ratio of 1:1. Last week, the Company received a written request from the Thailand Equity Fund to convert all its preferred shares into common shares totalling 50,000,000 shares with par value of Baht 1 per share. The Company is now in the process of completing the conversion, a process expected to be completed in March 2006. .This is a significant show of support for TICON from TEF. By converting their preference shares they are significantly boosting the market capitalization of the company.” Said Khun Virapan Pulges, Managing Director of TICON.
Having higher market capitalization will enable more fund managers to consider investment in TICON due to their size of investment and liquidity of the Company stocks. TEF held 50 million convertible preferred shares that are convertible into ordinary shares at a ratio of one preferred share for 1 ordinary share. After conversion, the registered and paid up capital will consist of 537.29 million common shares. Moreover, the director who is the representative of the Thailand Equity Fund will continue to serve as director of the Company.
TICON, the company, now manages a total of 185 leased factories, including 39 factories sold to TFUND in 2005. The number under management is targeted to grow to around 290 when the current development pipeline is fully developed and leased out.
It also recently announced that is selling a further tranche of factories to the listed TFUND and also the development of Thailand’s first major Logistics Park located near the new Suvanabhumi International Airport.
For further information contact:
Ms. Lalitphant Phiriyaphant Finance Manager
Or
Mr. Ian Hamilton Business Development
Email: [email protected]
At TICON Industrial Connection Public Co., Ltd
Tel: +66(0) 2 679 6565 Fax: +66(0) 2 287 3153