UMI REVISES FUND RAISING PLAN
The Union Mosaic Industry Plc (UMI) reported a decision made by its board
of directors on March 23, 1994 to revise its plan of issuing convertible
debentures within April as announced on February 24, 1994.
As a result of the uncertainty of the demand for CDs in foreign markets,
the company said it would put on hold the issuance of CDs.
But since UMI needs a fund of about Bt500 million to expand its production
capacity, by 6,000 sq.meter per day, to invest in other companies, and to
increase its working capital, the board of directors decided to issue
debentures worth Bt 500 million to institutional investors instead of offering
CDs in foreign markets. The committee's board will set the appropriate terms
and conditions later
