acquires

Dusit Thani Plc (DTC) will acquire a 91.4% stake of the Phillipine- based Phillipne Hotelliers Inc, out of which the company will initially purchase a 46% stake and will later find the joint investors to invest in the remaining stake. The purchase contract will be signed by July 1995, said DTC in a filing to the Stock Exchange of Thailand (SET). The company previously authorized Khunying Chanut Piya-oui, its president, as the representative to negotiate and make the contract to purchase shares of Philippine Hotelliers Inc. DTC will purchase these shares from the existing shareholders who are Japan Airlines Co Ltd (3,486,741 shares), Japan Airlines Development Co Ltd (233,554 shares) and JAL Trading Inc (25,453 shares). The sellers are not the connected persons in accordance with the SET's regulation. The total number of shares purchase is 3,745,748 shares or a 91.4% stake of the Philippine Hotelliers Inc.'s registered capital of 409,870,100 pesoes, divided into 4,098,701 shares at 100 pesoes apiece. At the initial stage, DTC will purchase a 46% stake of the company's registered capital by the end of July 1995. DTC will seek other joint investment partners to purchase the remaining stake within 3-5 months after the transaction date. DTC will inform the SET about the shares megotiation with other joint investors by the end of December 1, 1995. If the company cannot find other joint investors, it will purchase all the remaining shares itself. The purchase price of the share is 193.59 pesoes apiece while its book value is 100 pesoes apiece. (The currency exchange rate as of June 14, 1995 is one baht equal to 0.97 pesoes.) Philippines Hotelliers Inc operates the first class hotel with 523 rooms, namely Hotel Nikko Manila Graden. DTC said it would become the executive of the Hotel Nikko Manila Garden. It also can expand its business in a regional area which will be beneficial to the company for the long-term period. The transaction size for the acquisition of a 46% stake of the Phillipine company is not more than 15% of the company's net tangible assets. However, if in case the company cannot find other investors and have to acquire the total 91.4% stake, the transaction size will exceed 15% of the company's net tangible assets but not more than 50%. Translated by The Nation