WITHDRAWS FROM JOINT VENTURE

Siam Makro Plc divested its ownership from People's Health Care Co Ltd because the company has necessarily to utilise its resource for ongoing business expansion amid sagging economy. The managing director was authorised to determine the selling price based on the allied one appraised by the auditor. Then, after appraising, the auditor, accoring to joint ventures' financial statements ending Oct 1, 1997 which saw amassed losses, posed the price as negative book value. Moreover, value of investments in People's Health Care posted in MAKRO's financial statements ending Dec 31, 1997 stayed zero. The company decided to dispose of stakes in that firm totalling to 4.5 m shares to joint veture's existing shareholders at the price of Bt9,000. This revenue will be realised by Q1/1998 performance. This transaction was not classified as connected one. Comment : Please verify in PUBLIC SIMS. Translated by the Nation