20 December 2001
JOINT VENTURE PROJECT WITH"VIRGIN RADIO ASIA"
December 19, 2001
To: President
Stock Exchange of Thailand
Re: Joint Venture Project with "VIRGIN RADIO ASIA"
BEC-TERO Entertainment Co., Ltd. [BEC-TERO] our 60 percent
held subsidiary has just signed a memorandum of understanding
(MOU) with VIRGIN RADIO ASIA [VIRGIN RADIO] which is not a connected
person with the company and the management, to jointly set up a new
joint venture company to be called VIRGIN BEC-TERO RADIO THAILAND
Co., Ltd. to enter into the radio business in Thailand. BEC-TERO
will hold 51 percent of the equity of the joint venture where as
VIRGIN RADIO will hold the rest. It is expected that the new joint
venture company will be set up to commerce its business within the
next 90 days.
Please be informed accordingly.
Sincerely Yours,
(Chatchai Thiamtong)
Vice President - Finance