TO REVIEW ON THE SHARE TRASFER OF THE CBI ST LTD.

Minutes of the 16th Executive Committee Board Meeting Sino-Thai Engineering &Construction Public Co., Ltd. No. 16/1998 of the 30th date of June, 1998 9:00 - 10:00 hrs. There were 6 Executive Committee Board Members present in person which constituted a quorum. Mr. Anutin Charnvirakul was named ch airman of the meeting. Mr. Anutin opened the meeting with the fo llowing agendas: Agenda 1: To Review on the share transfer of the CBI ST Ltd. The chairman reported that the Company has an investment in CBI ST Ltd. for 4,374 shares from Share Nos. 6877 - 11250 and 345,783 shares from Share Nos. 555468-901250 which is 35 per cent of the shareholding. The Company proposed to sell those shares to Mr. Ratiwan Samphaothong at 1 Baht per share ( One Baht Only) and 0.25 Satang (Twenty Five Satang) respectively. The Company will gain the better performance from the selling of CBI ST Ltd shares bec ause we dont need to accept the loss which may be incurred from the CBI ST Ltds performance . The Company considered that the share price was reasonable to sell out because the liquidity of CBI ST was found dramatically over the asset of the company. The chairman therefore proposed the meeting to consider this issue. The meeting resolved that the Company would propose the sell the common shares of CBI ST Ltd. to Mr. Ratiwan Samphaothong in accor dance with the chairmans report. Agenda 2: Other Business There being no further business, the meeting was adjourned by the chairman at 10:00 A.M. Mr. Anutin Charnvirakul Chairman