Bangkok--26 Jun--Pro MassComm TTW holds 98% of Pathum Thani Water shares after taking over from its old shareholders led by CH. Karnchang Group with cost of 4 billion baht. Mr. Sompodh Sripoom, managing director of Thai Tap Water Supply Plc (TTW), says that the TTW shareholder meeting yesterday (June 25) has approved TTW to sign the share purchase agreement acquiring shares in Pathum Thani Water Co (PTW) with CH. Karnchang Plc, Mahasiri Siam Co, CH.Karnchang Holding Co, Capital Rice Co, STC Capital Holding Co, Krungthai Bank Plc and TMB BANK Plc. Under this agreement, TTW has bought not more than 98% of total PTW’s shares or approx. 11.76 million shares at the purchase price of 340 baht per share or about 4 billion baht in total. The share purchase agreement was signed after the meeting. The meeting also approved TTW to sign a 4-billion-baht loan agreement with its original lenders — Siam Commercial Bank and Bangkok Bank in order to pay for the purchase. The loan agreement will be signed within this week. In additional, the meeting approved TTW to sign the financing support agreement of 162 million baht with PTW’s lenders as well. “We invest in PTW in order to support our tap water business because both TTW and PTW obtain tap water supply contracts from Provincial Waterworks Authority (PWA) who provides tap water services in highly demanded areas located with dense industry factories and residents. At the same time, we can save expense and maintenance costs,” Mr. Sompodh says. Mr. Sompodh says after signing the share purchase agreement, TTW will amend its Employee Stock Option Program (ESOP) prospectus submitted earlier to Securities and Exchange Commission (SEC) on October 31, 2006. Under the ESOP, TTW would offer to sell 40 million shares to its directors, executives, employees and employees of WaterFlow Co. TTW expects to complete its ESOP Project within this year. Having completed the ESOP, TTW will launch the initial public offering (IPO) of 10 billion shares consisting of 300 million existing shares and 700 million newly issued shares. After the IPO, TTW will have 3,990-million-baht registered capital and 3,990-million ordinary shares with par value of one baht. TTW holds a 30-year water supply contract with PWA and has started its production with full capacity of 320,000 m3 per day to supply treated water in the provinces of Nakhon Pathom and Samut Sakhon since 2004. It’s total project cost in 10 billion baht. TTW’s shareholders consist of CH.Karnchang at 47.7%, Mitsui Water Holding (Thailand) Co at 35.0%, Bangkok Expressway Plc at 12.5% Bangkok Bank at 2.5% and TMB BANK at 2.3%. PTW holds a 25-year water supply contract with PWA and started its operation in 1998. Currently, PTW has a total capacity of 288,000 m3 a day, and by 2008 it will add another 100,000 m3 a day to its production capacity. After the share purchase, PTW’s shareholders are TTW (98%) and PWA (2%) and TTW will become the biggest water production company in Thailand. Find more information of Thai Tap Water Supply Plc at Tel. 0 2811 7528, 0 2811 7526 Fax 0 2420 6064 or www.thaitap.com . Press Release distributed by Pro MassComm Limited. Tel. 0 2158 9085 e-mail: [email protected]