Bangkok--20 Oct--Kith & Kin Thoresen Thai Agencies Plc. (TTA) and GAC Liechtenstein have jointly expanded into the domestic logistics business by setting up “GAC Thoresen Logistics Ltd.” TTA will be the majority shareholder at 51 per cent, which will take an investment of Baht 38.25 million. M.L. Chandchutha Chandratat, managing director of TTA, said a board of directors’ meeting on 19 October 2006 agreed to establish a new subsidiary, GAC Thoresen Logistics Ltd., which will be a joint venture with Gulf Agency Company Limited, Liechtenstein (GACL). GAC Thoresen Logistics Ltd. (GACTL) has a registered capital of Baht 75 million, with 750,000 shares at par value of Baht 100 per share. TTA will spend Baht 38.25 million to own 51 per cent of the company. GACL owns 29 per cent, and the remaining 20 per cent is owned by Mr. Lars Safverstrom. This transaction reflects the long-standing partnership between TTA and the GAC Group. Currently, TTA owns 51% of Gulf Agency Company (Thailand) Ltd. (GACT), which was registered in 1992 to be in the ship agency and logistics businesses. GACT is part of the GAC Group, which employs more than 6,500 people in over 200 offices around the world. The GAC Group is the world’s leading provider of shipping, logistics, and marine services. In the logistics industry, the GAC Group has an integrated network of services including freight forwarding that provides air and maritime transportation services to link land-based warehouses and distribute cargoes to anywhere in the world. Because the domestic logistics business has good prospects, the GAC Group wanted to own and run warehouse facilities and provide a full range of logistics services in Thailand. GACTL plans to build a 10,000 square-meter warehouse on 18 rais of land in Amata Nakorn Industrial Estate, Bang Pakong, Chonburi province and offer logistics services. The investment in the logistics business is part of TTA’s strategy to expand its non-dry bulk shipping businesses. For more Information please contact: Kith & Kin Co.,Ltd. Bangaorn Tel. 0 2663 3226 ext. 68, 081 9047907