APPROVAL OF BUSINESS REHABILITATION PLAN OF STECON

Our Ref: ST/2000/0410 September 5, 2000 Subject: Approval of Business Rehabilitation Plan of Sino-Thai Engineering & Construction Plc. To: The President The Stock Exchange of Thailand Attachments: 1) Sino-Thai Engineering & Construction Public Co.,Ltd. Rehabilitation Plan (5 copies) and Revised Rehabilitation Plan proposed by Finansa Fund Management Limited (5 copies) 2) The Approval of the Central Bankruptcy Court dated September 4th, 2000 With reference to our notice to Stock Exchange of Thailand dated August 24, 2000 regarding the approval of Business Reorganization Plan by the Creditors. We would like to inform the SET that, on September 4, 2000, the Bankruptcy Court grant the order for approval of the Plan. Under this plan, Stecon Administrator Company Limited is the Plan Administrator. The summary of Companys Rehabilitation Plan as follow: RESTRUCTURING PLANSINO-THAI ENGINEERING & CONSTRUCTION PCL.September 2000 Voting Result Group 1. Financial creditors 82.58% Group 2. Working capital creditors 45.42% Group 3. Foreign currency SWAP creditors 100% Group 4. Sub-contractor creditors 100% Group 5. Trade creditors 100% Group 6. Creditors whose claims are disputed by STECON 100% Group 7. Condominium creditors and 0% Facility agent under the Syndication loan Group 8. Bond issuer creditors and beneficiary creditors 100% Total creditors who voted in favor of the Plan are 83.44% with 5 group Restructured Debt(Total 5,073.2 million Baht) Financial creditors Principle 4,260.7 M.Baht Accrued interest 644.0 M.Baht Withholding tax of Accrued interest 7.6 M.Baht Bank guarantee fee 1.9 M.Baht Commercial creditors and Others Principle 139.7 M.Baht Accrued interest 19.3 M.Baht Debt Payment According to Creditor Classes Financial creditors (1) and Foreign currency SWAP creditor (3) 1. Repay cash 100 M.Baht. 2. Convert debt to equity 3,500 M.baht ( 50 M.share at 70 Baht/share ) 3. Transfer non-core assets (value 226.8 M.Baht) to settle 5.5 M.Baht of debt. 4. Repay 600 M.Baht by installment in 6 years at 6% interest rate. **Forgive accrued interest 651.8 M.Baht. **Foreign currency SWAP creditor (3) will forgive repayment from non-core assets amounted of principal 0.2 Million Baht Working capital creditors (2) have 2 alternatives: Alternative 1 - extend the working capital to not less than 6 yrs. At MOR Alternative 2 - due at the end of year 3rd without interest Sub-contractor creditors (4) Trade creditors (5) and Condominium creditor and facility agent creditor under the Syndication loan (7) Repay principle in full without interest within 60 days Creditors whose claims are disputed by STECON (6) repay principle in full without interest within 60 days of the date that OR or the Court give an ultimate decision that the Class 6 Creditor have the right to demand repayment from STECON. Bond issuer creditors and Beneficiary creditors (8) Repay B/G fee in full within 60 days. In case that bond crystalised, 40% will be repaid in equal quarterly installments and 60% will be due on the last installment repayment date of serviceable debt. Implementation of the Plan Completed Increase of registered capital from 300 Million Baht to 850 Million Baht. Subscribe of newly issued shares by the Major Shareholders 5 Million shares, 20 Baht/ share Convert debt to equity of the Financial creditors 50 Million shares, 70 Baht/share. Transfer of non-core assets (estimate value 226.8 Million Baht) to the Asset Management Company. Repay cash 100 Million Baht. ** Provided that such implementation is completed within April 2001 Please be advised accordingly Sincerely yours, (Mr. Woraphant Chonthong) Senior Vice President Finance and Account