1. Delisting of Renown Leatherwares Public Company Limited (RENOWN)
The SET Board of Governors has passed a resolution to delist RENOWN securities effective 23 February 2001.
In an SET announcement on 5 March 1999, the securities of Renown Leatherwares Public Company Limited (RENOWN) were classified as facing possible delisting because its 1998 annual financial report showed a negative shareholders equity of 1,988 million baht. The stock exchange then instructed the company to undergo debt restructuring and establish an operational plan to solve its problems.
RENOWN proceeded to report periodically on its debt restructuring progress, and in September 1999, creditors holding 80% of the total debts approved the company's debt restructuring plan. But in October 1999, the company requested a change in the plan's conditions and conducted negotiations to find a new investment partner. The company presented its new debt restructuring plan to creditors in March 2000, and received creditor approval from only 46% holding total debts. As a result, RENOWN had to negotiate with their creditors in order to gain approval for its continued debt restructuring, and, ultimately requested a time extension, until 31 December 2000, to prepare another operational plan. In the end, however, on 10 January 2001, RENOWN reported to the Stock Exchange of Thailand that on 17 November 2000 the Central Bankruptcy Court had ordered that the assets of RENOWN be placed in receivership. Currently, the Official Receiver is collecting requests for debt payment from all the creditors, after which information will be submitted to the court for their consideration of bankruptcy judgment and apportioning debts to the creditors. Owing to these events, RENOWN will not have further opportunity for business rehabilitation.
The SET Board of Governors, pursuant to the power granted in Section 171 (4) of Securities and Exchange Act B.E. 2535, passed a resolution to delist the securities of RENOWN from 23 February 2001 onwards. Additionally, no trading of RENOWN will be allowed prior to its delisting because the court has ordered RENOWN's assets to be placed in receivership, and the Official Receiver is currently dividing assets for proportionate return to creditors.
2. Acknowledging election of new SET Board of Governor Mr. Suwit Mapaisansin to fill vacancy
The SET Board of Governors confirmed results of the No. 2/2001 6 February 2001 extraordinary member meeting to elect Mr. Suwit Mapaisansin to the Board. Mr. Suwit Mapaisansin will serve on the Board as a representative of member companies, replacing Mr. Pakhawat Kovithvathanapong, who resigned from his post.
The Board of Governors passed this resolution to elect Mr. Suwit Mapaisansin, President, Merrill Lynch Phatra Securities Company Limited, to become a governor of the stock exchange, with a term of service from 6 February 2001 to 27 May 2001, in accordance with the remaining term of the original governor.
3. Appointment of new Market for Alternative Investment (MAI) sub-committee member, Mrs. Kanitha Subpa-asa, to fill vacancy
The SET Board of Governors passed a resolution to appoint Mr. Montree Sornpaisarn, Managing Director, Investment Banking Unit, Vickers Ballas (Thailand) Securities Company Limited, to become a sub-committee member of the Market for Alternative Investment (MAI), replacing Mrs. Kanitha Subpa-asa, the original sub-committee member, who vacated her post through resignation. A resolution was passed for the term of office to be from 1 March 2001 to 1 August 2002 in accordance with the remaining term of the original sub-committee member.