The Union Mosaic Industry Plc (UMI) reported the resolutions made at the
board meeting on September 6, 1994 to issue convertible debentures worth
about Bt500 million for sale to local institutional investors, if the
company wants to scrap its previous plan to issue Euro convertible
debentures.
Previously, atboard meeting no.2/2537 on February 23, 1994, and at the
shareholders' meeting no.1/2537 on March 23, 1994, it was resolved that
the company would issue Euro convertible debentures worth about US$35
million for sale to foreign investors.
However, the foreign market conditions at that time were not appropriate
and the company had to use the funds for its business expansion.
The company thus proposed that the board should consider instead the
issuance of convertible debentures worth about Bt500 million for sale to
local investors if foreign market conditions do not recover.
In addition, the board meeting on September 6, 1994 also resolved to
reserve 12 million shares for the conversion of debentures whether they be
for sale in local or foreign markets.
Translated by the Nati
