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PTTEP is E&P company in Thailand, exploring for sustainable sources of petroleum for the countries we operate
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SET Notification
Land lease agreement of Wang Chan Valley between PTTEP and PTT
25 April 2019
PTTEP 13061/00-4157/2019
Investor Relations Tel. +66(0) 2537 4868, +66(0) 2537 5843
1. Transaction’s Details
|
Transaction Date |
25 April 2019 |
|
Parties Involved |
Lessee : PTT Exploration and Production Public Company Limited (PTTEP) Lessor: PTT Public Company Limited (PTT) |
|
Relationship |
Lessor, PTT Public Company Limited (PTT), a major shareholder with 65.29% shares |
|
Objective |
To set up PTTEP Innovation and Technology Centre (PTIC) to support exploration and production business and other businesses. |
|
General Description of the Transaction |
The Company has entered into the land lease agreement of Wang Chan Valley, Rayong Province, with PTT Public Company Limited which consists of aggregate area of approximately 44.3 rai for a term of 30 years lease. The total value, throughout the lease term, is 840 million baht. |
|
Basis for determining the transaction value |
The value of the transaction is 0.25% which is between 0.03% and 3% of the Net Tangible Assets of the Company in the audited consolidated financial statements for the year ended 31 December 2018 (The latest financial statements on the approval date by Company’s Board of Directors) |
In the Board of Directors’ Meeting No. 6/2562/458 on 21 March 2019, there were two Directors with conflicts of interest because they were also Directors and/or management of PTT.
|
Name |
Position in PTTEP |
Position in PTT |
|
1. Mr.Wirat Uanarumit |
Director and Member of the Risk Management Committee |
Chief Operating Officer, Upstream Petroleum and Gas Business Group |
|
2. Mr. Chansin Treenuchagron |
Director |
President and Chief Executive Officer, Director, Secretary to the Board President and Chief Executive Officer |
3. Details of characteristics and scope of interests of connected persons to entering transaction
The size of this transaction is between 0.03% and 3% of NTA and is considered as a connected transaction according to the Notification of Capital Market Supervisory Board Tor Chor 21/2008 Re: Rules and regulations on connected transactions, as a transaction relating to assets or services. Therefore, PTTEP is required to seek approval from the Board of Directors and to disclose the details of transaction to the Stock Exchange of Thailand.
4. Opinion of the Board of Directors
The Board of Directors approved the transaction on the basis that the transaction is reasonable and beneficial to the company with the value consistent with the market rate.
5. Opinion of members of Audit Committee and/or directors who have different view from the Board of Directors
None
PTT Exploration and Production Public Company Limited
Vibhavadi-Rangsit Rd., Chatuchak, Chatuchak, Bangkok 10900
Phone : 66 (0) 2537-4000
Fax : 66 (0) 2537-4444
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