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Clarification of Sale of Leasehold of Suzuki Avenue Ratchayothin to MJLF Property Fund

BackDec 14, 2010

SF 162/10

14 December 2010

Subject: Clarification of Sale of Leasehold of Suzuki Avenue Ratchayothin to MJLF Property Fund

To: President The Stock Exchange of Thailand

With reference to the resolutions of the Board of Directors' Meeting No. 4/2010 on November 9th, 2010 to approve the Sale of Leasehold of Suzuki Avenue Ratchayothin to Major Cineplex Lifestyle Leasehold Property Fund (MJLF) which is the 30-year lease term with the value of approximately Baht 960 Million and schedule to be complete within December 31st, 2010.

Currently Suzuki Avenue Ratchyothin Center is operated by Ratchayothin Avenue Co., Ltd. which Siam Future Development PLC and Major Cineplex Group PLC are the shareholders by 50:50. The Sale of Leasehold of Suzuki Avenue Ratchayothin was approved by Securities and Exchange Commission (SEC) on December 3rd, 2010. The Company expects the transaction will be completed and money received within December 31st, 2010. Net Profit after tax from this transaction is approximately Baht 300 Million. The Company will recognize such net profit approximately Baht 150 Million (50% shareholding by the Company) in December 2010. However, the Company's financial statement for the 4th quarter of Y2010 is under audited by the auditor.

Please be informed accordingly.

Sincerely Yours,

 

(Mr. Somnuk Pojkasemsin)
President

Attachments

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