POST SP ON 6 LISTED COMPANIES THAT FACE POSSIBLE DELISTING

SET ANNOUNCES 6 LISTED COMPANIES ARE FACING POSSIBLE DELISTING, POSTS SP SIGN AND SUSPENDS TRADING ON 6 SECURITIES. The Stock Exchange of Thailand (SET) amended its delisting rules and regulations last year so it placed more emphasis on listed companies that have negative shareholders' equity and required such firms to rehabilitate their operations so as to avoid being delisted from the SET If company's financial statements show a negative level of shareholders' equity on the balance sheet, then the SET's delisting rules will be applied. In considering a company's shareholders' equity, the Exchange will base some of its assessment on the auditor's report. That is, if an auditor presents a qualified opinion that results in a company having negative shareholders' equity, the company will also face possible delisting. Under these requirements, it should be noted that any unrealized losses recorded as an extraordinary item as a result of the introduction of the managed float exchange rate system in 1997 can be used to adjust a company's shareholder equity. In addition, the Exchange has considered the audited yearly financial statements as of 31 December 1999 filed by the listed companies. Base on the financial statements as of 31 December 1999, there are 6 listed companies that have shareholders'equity of less than zero. These companies may face possible delisting as a result of these rules and regulations. The names of the companies are as follows: (1) Nakornthai Strip Mill Public Company Limited.(NSM) (2) Srivara Real Estate Group Public Company Limited (S-VARA) (3) Sikarin Public Company Limited (SIKRIN) (4) Sino-Thai Engineering and Construction Public Company Limited (STECON) (5) Bummrungrad Hospital Public Company Limited (BH) (6) Robinson Departmentstore Public Company Limited (ROBINS) Therefore, the Exchange will proceed as follows under the requirements of its Rules Governing Delisting of Securities and other regulations relating to possible delisting : 1. Formally announces to the general publics that 6 listed companies are facing possible delisting and the Exchange has posted SP signs to suspend further trading of the 6 listed securities on 6 March 2000. 2. Transfers the 6 securities to a new category for listed companies so called Companies Under Rehabilitation (REHABCO) on 9 March 2000 and the Exchange will suspend these securities for 30 days from the date of announcement to 4 April 2000. This is to give the companies' management time to make prudent decisions that benefit all parties concerned. 3. The companies must inform the SET whether they decide to prepare a rehabilitation plan to propose to the companies' shareholders, or to ask for voluntary delisting, or to try other options which will benefit all stakeholders involved in the companies. The companies must also inform a time schedule to implement one of the above decisions. This report must be submitted to the SET within 4 April 2000. 4. In case of deciding to prepare a rehabilitation plan to propose to the company's shareholders those companies are required to proceed as follows: 4.1 Appoint an independent financial advisor to prepare a rehabilitation plan to solve the causes of delisting. 4.2 Prepare a rehabilitation plan to solve the causes of delisting according to Clause 30/4 of the Notification of the SET regarding the Rules Governing the Delisting of Securities. The companies must also appoint a financial advisor to jointly prepare a rehabilitation plan and propose to their shareholders within 4 months of the date of notice-received or by 5 July 2000. 4.3 The companies and their advisors must report on the progress of the companies' operations, comparing the results of their operations to the rehabilitation plan every 3 months to the SET, until the causes of delisting have been eliminated. 5. Allows trading of 5 securities, which are NSM, S-VARA, SIKRIN, BH and ROBINS under the REHABCO category from 5 April 2000 to 4 May 2000 to give shareholders a chance of trading the company's securities before suspension again until all the delisting problems have been fully resolved. However, STECON has been preparing rehabilitation plan under the Bankruptcy Act., therefore the SET has retained a SP sign to prohibit securities trading in STECON further until its creditors and the court approve the rehabilitation plan and the company discloses detail of such information completely and clearly to the SET. 6. Posts an SP sign to prohibit further trading of 5 securities, which are NSM,S-VARA, SIKRIN, BH and ROBINS beginning from 8 May 2000 until the causes of delisting are eliminated. However the companies may request the SET to allow securities trading in REHABCO sector in the case that - debt restructuring completed by more than 50% worth of total debts and - the rehabilitation plans have either been approved by their shareholders or the bankruptcy court. The SET would like to ask the companies shareholders and general investors to analyze the complete set on the 7 listed companies' financial statements published in the R-SIMS system. They should also closely follow up the proposed rehabilitation plan prepared by the companies and their financial advisors which will be presented to their shareholders meetings. wp2/ne-del.txt