SET Announcements

(-Translation-) 8 March 2010 Subject : Revise parts of disclosure information regarding the acquisition of an additional investment in S.U.N. Management Co., Ltd. and provide additional information with respect to the nature of business of S.U.N. Management Co., Ltd. To : President The Stock Exchange of Thailand Reference : Board's resolution concerning the acquisition of an additional investment in S.U.N.Management Co., Ltd., reported on 3 March 2010 Enclosure : Disclosure information regarding the acquisition of an additional investment in S.U.N.Management Co., Ltd. (Amendment) As Sansiri Public Company Limited ("the Company") has reported its Board's resolution to the SET,concerning the acquisition of an additional investment in S.U.N. Management Co., Ltd. ("SUN"), a subsidiary of the Company, by entering into a transaction to buy total of 490,000 ordinary shares in SUN or equivalent to 49% of its paid-up capital which held by P&P Telecom Co., Ltd., a non-connected person and Prestige Gift and Premium Co., Ltd., a connected person, the detail of which are described in the Reference. The Company would like to revise parts of such information as attached herewith, having the summarized amendment details as follows: Item 1. The general characteristics of the transaction The former content - The Acquisition or Disposition of Assets : the transaction size represents 0.33% of the consolidated net profits from normal business operations base on latest audited consolidated financial statements as at 31 December 2009. The revised content - The Acquisition or Disposition of Assets : the transaction size represents 0.09% of the consolidated net profits from normal business operations base on latest audited consolidated financial statements as at 31 December 2009. Item 2. The details of assets acquired The former content - Financial Highlights of SUN as at 31 December 2009 (Un-audited) are as follows: Operating Results (In thousand baht) Total Revenues 11.83 Cost of goods sold 8.71 SG&A 0.91 Net Profit 3.12 The revised content - Financial Highlights of SUN as at 31 December 2009 (Un-audited) are as follows: Operating Results (In Million Baht) Total Revenues 11.83 Cost of goods sold 8.71 SG&A 0.91 Net Profit 3.12 In addition, the Company would like to provide additional information with respect to the nature of business of SUN as follows: SUN is the owner of the leasehold right of the commercial building for long term lease, known as "SUN Square Silom Project", located at Soi Silom 21, Bangkok. These buildings have been leased with 30 years tenure and the rents for the whole terms were already paid upfront. However, due to the accounting practice,these rents could not be realized in the accounting period when they were paid. They have to be amortized equally throughout the 30 years lease term. Same for the costs, for example, construction costs, the payment for the ground lease etc. which also had to be amortized equally to match the revenues. Therefore, the net cash received were kept in the company waiting to be distributed as a dividend. As for the retain loss currently booked in the SUN's account, it was occurred because of the mismatch of revenue and expenses. These losses was arise mainly from SG&A expenses that were incurred from the project inception stages throughout the selling and construction period which had to be booked as an expense in the accounting period when they were incurred. However, if the company is run as it currently does, in the next 4-5 years the amortized profit will cover these loss and SUN will be able to pay the dividend. Please be informed accordingly. Yours sincerely, (Mr. Wanchak Buranasiri) Director and Chief Operating Officer